PNC Bank developed and deployed a solution—called PINACLE® Payee Account Validation—to support its treasury management client base for use with eligible payments to help prevent payments fraud. This tool enables users of PINACLE®, PNC Bank’s commercial and online banking platform, to validate payee information when originating a freeform domestic payment. With the click of a button, they can validate the beneficiary details against information contained within a national database of account information and take mitigating action when there is a risk of payment fraud.
PINACLE® Payee Account Validation is part of PNC’s strategic vision and efforts to contextually integrate new and existing technology and process components to create inventive, efficient, and differentiating user experiences for its clients. This tool thus advances PNC’s strategic goal; expands the scope, breadth, and delivery of its fraud prevention solutions; and highlights the bank’s emphasis on protecting clients from the threat of payments fraud.
Click on the video link below to watch a conversation between Chris Byers, Senior Product Manager at PNC Bank, and Arin Ray, Senior Analyst with Celent's Risk practice; Celent Risk research members can download the PDF of a detailed case study.
