These days’ people tend to make their payments using their credit or debit card. Everything is done electronically and though we may still use cash as a form of payment, we also rely heavily on making transactions via our cards or internet transfer. The only problem with this kind of transaction is that there is very little in terms of validating the payment details and the authorisation of the payment. These payments are being made automatically; from one bank to another therefore there is no guarantee that details provided by the payer are valid.
Real time software and programs are normally used to validate electronic payments made in the UK or Europe. The validation process works by checking account details, credit card numbers, pin verification etc. This can further check for a valid identification of the individual namely for setting up direct debit or standing order payments. This is one method of protection against potential payment fraud and helps in gaining information on various accounts and company reports.
Most companies prefer to use a quick and easy online facility that will tell them whether the payment has been verified within a matter of seconds rather than minutes. Some online programs require these companies to subscribe to their applications in order for them to accurately validate each payment. These can be used from a browser based user interface or as a web service. They can be accessed through a hosted service with many not needing any investment in any extra hardware.
Each of these services secured and would need authorised individuals to have full access to the account details. These allow for validation of bank account numbers and sort codes, bank branch details, ID checks on payers, financial repost from individual companies, converting bank identification codes and validation of international bank account numbers.
The risks of fraud and theft have risen over recent years and companies are very cautious in keeping important information and details well protected. The figures have been estimated to 1 in 4 people in the UK alone, making it imperative to make the necessary provisions for protection. This further proves the reasons behind carrying out full ID checks upon acceptance of any financial details from any client. Luckily as modern technology has developed companies are able to make full checks and conduct validation procedures resulting in a more informed decision on accepting financial details.
This will also help to alleviate potential risks of fraud and quickly respond to any possible threats.
Gino Hitshopi is highly experienced in the realm of of systems that validate payments, having worked in the banking industry for many years. For more information please visit: http://www.bemac.com/products/validate