PNC Bank, National Association and GIACT Systems have revealed a new strategic alliance to launch new identity verification offering.
Through the partnership, PNC will utilise GIACT’s verification and authentication software to provide its clients with real-time fraud prevention tools to confirm an account is open, active and secure, before conducting payments.
By working together, PNC’s clients will access a network of identify verification and authentication tools, which are all accessible through a single API.
GIACT is used across financial, insurance and retail industries to help them provide customers with payment protection, identity security and regulatory compliance across their entire lifecycle.
The platform offers real-time data to help companies mitigate payment risk and fraud, our OFAC screening, ID verification, account verification and authentication, and mobile verification solutions.
PNC Treasury Management executive vice president Chris Ward said, “GIACT’s approach to verification and authentication aligns with our mission to mitigate fraud and improve the client experience.
“Our clients depend on PNC to provide solutions that help them stay ahead of the latest fraud tactics. Our new offering will enable clients to validate transactions by running a single inquiry that covers more than 4 billion consumer and business records – verifying bank account status in real time and allowing businesses to transact with confidence.”
Earlier in the year, GIACT launched a digital platform which address the FinCEN rule on beneficial ownership. Beneficial ID is an all-in-one digital solution to provide beneficial ownership information collection and KYC, OFAC verification.
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