Digital Verification, Transaction & Payout Services

calendar iconAugust 22, 2021

Helping guide you through secure and automated payout and processing services to reduce compliance risks, lower operating costs and protect your business.

Cherry Bekaert’s turn-key managed services solutions allow us to help organization’s evaluate and implement payment controls and processes and supports full integration with accounting systems. Furthermore, through a strategic alliance, we can deliver automated services to reduce overall payout and compliance risk and lower payout operating costs, while certifying risk, security and compliance frameworks are properly maintained.

Verified & Trusted: Digital Verification, Transaction and Payout Platform

Through a verified transaction platform, powered by continuous AI-based verification of identities and payment accounts, validation of payment instructions and the integration of a bank’s digital payment ecosystem, we help position businesses to modernize their payment  process by enabling secure payouts and pay-by-anything experiences. Cherry Bekaert’s managed services, combined with cloud-based
solutions, can help you:

  • Reduce payout risk by elevating automated identity, account and payment verification to the core of digital payouts
  • Lower cost by unifying, automating and orchestrating verified digital payout processes and experiences
  • Increase customer satisfaction by providing payment choice for payers and payees
  • Ensure the right payee and payment account are accurately paid

Risk Advisory Services & Solutions Tailored to Your Needs

  • Payment and Identity Risk & Control Diagnostic
  • Controls Implementation & Reporting
  • Identity & Payment Verification System Services:
    • Requirements Assessment
    • Implementation Services
    • Managed Services

Rapid Safeguard to Enable Verified Digital Payouts for Prominent Online Gaming Company

One of the world’s largest gaming companies was experiencing a nearly 40% failure rate in its gaming tournament payouts. This was  attributed to a lack of success in verifying identities of payees (winners and promoters) and payee account information. In addition, payments were failing due to the complexity of business rules for each combination of bank, bank account, and payment rail combination.

By utilizing a verified digital payments platform and managed service solution, this gaming company was able to increase payout success from 60% to 95%.

Protecting a Local Government & School District’s Payment System from Fraudulent Activities

A municipal government was contacted to change the account profile for their local affiliated school district, which included a change in the school district’s bank account. Unfortunately, it was not the school district that had made the contact, but instead a fraudulent foreign actor. Although a series of controls and procedures had been loosely followed, millions of dollars had been transferred to an overseas bank account that was supposed to go to the school district.

To avoid this situation from occurring, organizations are adopting a means of verifying the individual’s identity, which is matched to their organization’s identity, and the organization’s identity is matched to the corresponding bank account. By using advanced data, analytics, and controls, clients are avoiding being “spearfished” and the resulting embezzlement.

How Cherry Bekaert Can We Help

Our Risk & Accounting Advisory Services practice can help you make the most of emerging revenue opportunities while minimizing risk and compliance hurdles. Let Cherry Bekaert help improve identity verification and secure payment account.

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