LSEG Risk Intelligence has launched its Global Account Verification (GAV) service in Asia-Pacific and Europe, the Middle East, and Africa, expanding efforts to enhance security in cross-border payments.
Originally introduced in the United States in October 2024, GAV verifies whether payee and account details match before transactions are processed, helping businesses and individuals prevent fraudulent transfers.
The service offers real-time verification of bank accounts and ownership across 21 countries, categorising payment details as “match,” “close match,” or “no match.”
This helps businesses confirm supplier and customer payments and detect potential fraud risks.
GAV is designed to combat Authorised Push Payment (APP) fraud, where fraudsters impersonate banks or trusted entities to deceive victims into transferring money.
The expansion comes as regulators tighten rules on fraud prevention and reimbursements.
The EU’s Instant Payments regulations, taking effect in January 2025, will require all payment service providers in the bloc to offer 24/7 instant payments.
By October 2025, Eurozone providers must conduct mandatory account name-IBAN checks for transactions.
LSEG Risk Intelligence, which specialises in compliance, risk management, and fraud prevention solutions, said GAV will help financial institutions, fintech firms, and multinational corporations reduce fraud risks while improving payment efficiency.
The service is also available via API, allowing businesses to integrate it into existing workflows.
Dal Sahota, Head of Trusted Payments at LSEG Risk Intelligence, said,
“Demand for cross-border payments creates opportunities as well as risks – particularly around APP fraud and businesses will need to stay one step in front. Fraudsters are constantly innovating and operating with greater sophistication and scale than ever before.
As bad actors target vulnerabilities across multiple points of the client and vendor workflows, we will continue to invest in robust, data-driven solutions to help our customers mitigate global payments and identity risk with greater assurance.”
Featured image credit: Edited from Freepik
