Prometeo has enhanced its financial infrastructure platform with a new feature designed to add a critical layer of security and accuracy to electronic payments. The fintech provider launched Name Match, a capability within its U.S. Bank Account Verification API that evaluates the likelihood of a beneficiary's ownership before a transaction is initiated, helping businesses reduce fraud and misdirected payments.
Prometeo launches "Name Match," a new feature for its Bank Account Verification API.
It compares a provided beneficiary name to the official name on the account using banking data.
Results indicate Match, Partial Match, No Match, or No Data to inform payment decisions.
The feature supports Nacha's pre-validation guidelines and reduces ACH return costs.
It operates via API for batch processing, avoiding friction of individual login-based checks.
Name Match aims to combat payment fraud, which affected 79% of organizations in 2024.
Name Match addresses a gap beyond basic account validation by assessing who likely owns an account before funds are sent. This aligns with industry best practices encouraged by Nacha to strengthen pre-payment controls. “Verifying that an account exists is no longer enough...Name Match supports those efforts by adding an ownership-evaluation step ahead of settlement,” said Ximena Aleman, Co-Founder and Co-CEO of Prometeo.
With ACH fraud attempts prevalent and transaction volumes in the trillions, the need for automated, scalable verification is acute. Name Match helps businesses reduce costs associated with ACH returns, rejected transfers, and fraud recovery by flagging discrepancies early. Companies can automate workflows—approving clear matches, routing partial matches for manual review, or blocking transactions with no match.
A key advantage is the API-driven, non-interactive design. Unlike traditional methods that require each end-user to log into a third-party portal, Name Match allows enterprises to verify thousands of accounts in batch via a single API call, returning results in under five seconds for real-time rails. “Enterprises need infrastructure that works behind the scenes at scale,” said Rodrigo Tumaian, Co-Founder and Co-CEO of Prometeo.
The launch deepens Prometeo's infrastructure for secure, high-volume payment operations, providing businesses across the Americas with a more robust tool to ensure payment accuracy and compliance in their payout, onboarding, and treasury workflows.
About Prometeo
Prometeo stands as the fintech infrastructure leader that allows corporations to seamlessly integrate with the financial system across the Americas. Through its embedded banking software platform and multi-banking solution Prometeo empowers clients with straightforward and automated access to information and transactions through a single API. This transformative technology enables effortless access to the largest network provided in Latin America consisting of more than 1500 connections to 1200 financial institutions in 11 countries.
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