Improving security for instant and faster cross-border payments to an initial 22 countries
Leveraging AI to verify identities, covering 16,000+ documents across 220+ countries
Helping businesses meet national and international regulatory obligations
London, October 30th: LSEG Risk Intelligence, a leader in compliance, risk management and fraud prevention solutions, has announced the launch of two innovative products designed to enhance financial security and drive operational efficiencies on a global scale.
Global Account Verification checks payee and account details match before transfers are confirmed. Document and Biometric Verification uses AI and deep learning to conduct identity checks with outstanding accuracy.
Both products will help organizations, including multinational corporations, financial institutions and fintechs, defend their businesses and protect customers from increasingly sophisticated fraud techniques, while streamlining payment and identity verification workflows.
Global Account Verification (GAV) to tackle Authorized Push Payment (APP) fraud
Payment fraud is high on the agenda with a recent report from UK Finance showing £213.7m being lost in the UK in the first half of 2024[i].
Regulatory bodies are also stepping up with recent rules on reimbursements for victims for APP fraud in the UK and the EU. It requires that all payment service providers within the bloc offer 24/7 instant payments starting January 2025. In addition, account name and IBAN account number checks will be mandatory from October 2025 for Eurozone payment service providers[ii].
GAV helps organizations protect their customers by enabling real-time verification of bank accounts and ownership across an initial 22 countries. It verifies payments reach the correct recipients by querying account information with a “match”, a “close match” and a “no match”. This insight allows customers to make better decisions and to pay with confidence and trust. In the near-future, coverage of GAV will expand to 80% of G20 countries[iii].
Document and Biometric Verification (DBV) to combat deepfake enabled fraud
As synthetic media such as deepfakes increasingly impact digital identity, verifying customer identities has become crucial to prevent fraud and remain complaint.
DBV combines facial recognition, document screening, and liveness detection, underpinned by advanced AI and deep learning capabilities. This swiftly confirms identities using biometric data and government-issued documents. DBV covers more than 16,000+ identity documents from over 220 countries, in over 140 languages and typesets, enabling secure and scalable identity verification.
Both solutions are available via API, meaning that organizations can seamlessly integrate account data into their systems driving efficiencies.
Ramesh Menon, Group Director of Product Management for Digital Identity & Fraud at LSEG Risk Intelligence, comments:
“Fraudsters are constantly innovating; and operating with greater sophistication and scale than ever before. As bad actors target vulnerabilities across multiple points of the client and vendor workflows, we are continuously investing in robust, data-driven solutions to help customers mitigate global payments and identity risk with greater assurance.”