Open banking firm Zūm Rails has introduced a new set of anti-fraud tools to bolster the security of its Instant Deposit feature on its platform.
Enabled by Visa Direct, Zūm’s Instant Deposit feature enables users to send and receive payments quickly and in real-time.
Zūm Rails’ cardholder name matching capabilities and its range of security features are created to reduce fraudulent transactions and support better cash-flow and money movement
The company’s name matching tool also enables the instant validation of the individual whose name is on the payment card. Following the validation, a micro deposit in completed in real-time to validate the bank account.
Zūm also uses Visa Secure with EMV 3-D Secure to enhance security. As a new feature, stored payment values will allow the clients who use Zūm Rails’ platform to ensure payments can occur with little customer interaction.
Zūm Rails co-founder Marc Milewski said, “Using Visa Direct, Instant Deposit is helping accelerate payment modernization as it allows businesses to push and pull funds nearly instantly with significantly reduced risk through Zūm Rails’ name matching tool. This has allowed many industry leaders to adopt Zum Rails’ Instant Deposit feature, including Hitachi, Questrade, Coinsquare and others.”
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