Compliance and payments solutions provider Accuity has acquired London-based Apply Financial, whose payment validation solutions lower the cost of payment processing, for an undisclosed sum.
Accuity said the acquisition will strengthen its Bankers Almanac for Payments portfolio by providing sophisticated and easy-to-integrate validation software to remove further friction from clients’ payment operations.
Apply Financial’s flagship solution, Validate, uses cloud and application programming interface technology to help firms submit the correct bank account and payment details when processing a payment, thereby increasing efficiency and reducing the risk of a transaction failing.
David White, executive vice president of global payments and know your customer at Accuity, said of the acquisition: “The payments industry is in the midst of a drastic transformation, with speed and efficiency at the forefront of its evolution.”
“In the near term, Apply Financial’s advanced technology will enable us to offer clients a cloud-based, real-time payments and account validation solution to dramatically increase customer straight-through processing rates and provide payments certainty. In the longer-term, the technology will fuel our innovation and enable us to deliver the next generation of payments intelligence solutions to meet our customers’ requirements.”
Mark Bradbury, director and founder of Apply Financial, said: “By joining forces, we will be able to share industry expertise, deploy our technology to a broader audience, and collaborate on innovative solutions that will support the industry now and in the future.”