London 14th November 2017, Apply Financial have announced today that Corporates and Financial Institutions can use their new self-service website to easily validate digital bank payments at the point of entry using Validate API, allowing Corporates and Financial Institutions to save £1m's in operational costs and stop the time wasted and hassle of dealing with failed payments and unhappy clients.
A payment entered incorrectly becomes a missing or late payment that costs money, hurts relationships and causes frustration between customers, suppliers, banks – in fact all involved in the payment process. Bank payment validation has always been an arduous job, if a payment is not entered correctly it will bounce back or even go missing and will need manual intervention and lots of time to sort out the problem.
Validate API takes the 'arduous' out of bank payment validation. 'Our customers tell us that on average, in time and resource, it costs £50 to fix a bank payment that is entered incorrectly, so if just 8 payments need to be fixed per working day that amounts to over £100,000 per annum wasted on fixing payments, which, with Validate API can be entered correctly first time,' comments Mark Bradbury, Founder of Apply Financial.
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