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The integration provides CBD’s corporate clients with streamlined cross-border payment flows as a result of faster, more secure, and more efficient accountvalidation. CBD’s initial rollout of the Confirm application will focus on the United States and India, two high-traffic corridors for cross-border payments.
By leveraging EWS’ Real-time Payment Check service with account owner authentication, BNY Mellon’s solution will aid in speeding up validation, so long as the account is open and in good standing, and the payee is authorized to sign on the account.
Payouts has many usecases such as business-to-business (B2B) account payables, gig economy wages, insurance claims, tax refunds, sales commissions, tips, contractor payouts, and more. In addition, businesses can be delayed waiting for bank approvals and integration resources.
The Swift Payment Market Practice Group (PMPG) also outlined how global adoption of the LEI in ISO 20022 payment messages can support key cross-border use-cases including: sanctions and watch-list screening; KYC and client onboarding; fraud detection and the fight against vendor scams; e-invoice reconciliation; and account-to-accountvalidation.
In return, consumers can take receipt of instant, safe-to-spend funds directly into any type of account – PayPal, Amazon, wallet, credit card, prepaid card. These benefits can be applied to a wide range of one-time payment usescases for employees, from travel and expenses to payroll to other reimbursements.
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