LONDON, U.K. -- Apply Financial Ltd launches Validate: a new, easy-to-use, cloud-based service enabling banks, non-banking financial institutions, corporates and individuals transferring money internationally to check and validate that international payment details are correct

Apply Financial, backed by True Ventures of San Francisco, today launches their new Validate service online at www.applyfinancial.co.uk. The new Validate service is designed to provide high-quality global payments validation, enrichment and account conversion in combination with data that is updated daily and is easily accessible either through an online user portal or API integration into payments, ERP and accounting systems.

Validate is an automated, cloud-based service that allows any size financial institution or business that needs to send international payments to check and enrich client payment data before it is communicated to, or transmitted by the bank. Not only does this minimize errors, but Validate is also much more cost-efficient than traditional manual cross-checking or other directories.

IBAN numbers, check digits, BIC codes and other payments reference data are validated in the solution to deliver greater straight-through processing and to accurately route to ensure SEPA-compliance and global payments compliance outside of the SEPA countries.

“Validate is the first self-service comprehensive payments solution to be offered. It is much easier to use than the current legacy solutions. For banks, it delivers efficient client support by ensuring that potential payment errors are spotted before being sent. For non-banking financial institutions, corporates and individuals, it means that payment instructions will be accurately communicated to banks and will significantly reduce charges for errors and investigations. This will save all parties time, expense and the reputational and operational consequences of not meeting financial deadlines and commitments. Our aim with Validate is to democratize payments validation tools, which are currently expensive, complicated and difficult to access, and provide a simple self-service model with no infrastructure costs for clients. Validate will deliver accessibility in a manner that we all now expect as a result of the Internet revolution in online purchasing,” said Mark Bradbury, Managing Director of Apply Financial.

He added, “Validate now offers advanced capabilities only previously enjoyed by the world’s top banks to everybody; it is simple to try out, register and use. The ‘pay as you go’ pricing means you only pay for what you use.”

“Validate uses comprehensive payments reference data that is updated daily to provide not just payments validation and IBAN numbers, which are a legal requirement in the SEPA zone, but also gives depth of data such as international routing instructions to enrich the payment instruction automatically. With so many corporates and banks merging or being acquired, there are many changes that need to be incorporated into the payments database we use. The Validate Service keeps abreast of all the changes and updates, all this without clients having to worry. We are confident that Validate is a big step forward in payments validation, and have a number of introductory offers available as well as a free demonstration to help customers select the best solution for their needs. We believe that Validate ‘does what it says on the tin’ – it makes complex payments data validation simple, trustworthy, flexible and cost effective,” Bradbury further added.

About Apply Financial

Apply Financial has developed a range of payments solutions that include self service global payments validation and mobile payments applications. Apply’s Validate self service solution is provided with fully integrated payment reference data that is updated daily and trusted by leading global banks and other non-financial institutions. Apply Financial’s innovative approach to delivering sophisticated cloud based services means customers access the services they need, in the format they want, 24/7. This brings significant cost saving and operational benefits.

Apply Financial, simplifying payments.

About True Ventures

Founded in 2005, True Ventures is a Silicon Valley-based venture capital firm that invests in early-stage technology startups. With three funds and approximately $600 million in capital under management, True provides seed and Series A funding to the most talented entrepreneurs in today’s fastest growing markets. With a mission to make the world a better place for entrepreneurs, True encourages each founder’s vision and has built resources to empower the employees, families and communities of its portfolio companies. The firm maintains a strong founder community and offers innovative educational opportunities to its portfolio, helping entrepreneurs achieve higher levels of success and impact. With more than 100 companies funded and multiple companies acquired, the True portfolio has created over 1,900 jobs. To learn more about True Ventures, visit www.trueventures.com.

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Press and Media Contacts:

For Apply Financial

Mark Bradbury

Managing Director

Mob: +44 (0)7802 514502
Email: mark.bradbury@applyfinancial.co.uk

John Burton

john.burton@applyfinancial.co.uk