Pre-Validations

Payment Pre-validation is a service for verifying the Beneficiary and all information about him before sending the message.

The solution is based on several functional pillars:

1. Beneficiary Account Verification (verification of the Beneficiary) – live.
2. Payment Validation (verification of payment information) – live.
3. Central Beneficiary Account Verification (central verification of the Beneficiary according to history data) – live.

Beneficiary Account Verification (BAV) includes:

• overification of the account – correctness and its existence;
• oname verification – matching the name of the beneficiary with what is indicated in the payment instruction.

Payment Validation is a set of validators that are centrally managed by Swift. Based on the SwiftRef Data and payment rules, the service checks whether the specified information meets the quality criteria necessary for successful payment processing. For example, checking the correctness of the account format, validating the identifier of a financial institution (BIC code), verifying the purpose of the payment, etc.

Central Beneficiary Account Verification (CBAV) will help to verify the possibility to credit funds to the specified account by analyzing the historical data held by Swift. For example, if over the past few months funds have been successfully credited to this account, it means that this account still exists and it is safe to send funds to it.

All Payment Pre-validation services work exclusively on API technology, and this is what ensures the instantaneous processing of requests. ProFIX Group has its own developed solution for gpi API, which is already successfully used by our customers. This is a necessary middleware application that allows you to reduce the costs of finalizing the back office and transfer information to clients through the client portal using API technology.