The reality of expanding the AI-powered verified payout platform

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Verituity has raised $18.8 million to support the development of its B2B and B2C verified payout platform.

The firm will use the new funding to develop the machine learning (ML) and artificial intelligence (AI) models that power the platform, accelerating its growth in the banking and insurance sectors, and mortgage servicing. and to enter new markets such as energy. , Verituity said in a Friday (June 21) press release.

“Verituity empowers businesses and banks to orchestrate billions of dollars in verified B2B and B2C payments,” Verituity CEO Ben Turner said in the release. “I look forward to working with our investors as we will continue their journey to finally eliminate checks and embed intelligent, verified payments into the fabric of business payments.”

According to the release, the company's platform knows and verifies every payer, payee, account and transaction, and adds intelligence to every distribution.

By doing so, it reduces risks, improves payment economics and ensures that digital payments are made on time, to the correct payee and payment account, and from the correct funding account, per The release.

The company's latest funding round was led by Sandbox Industries and Forgepoint Capital.

Chris Zook, managing partner and co-CEO of Sandbox Industries, said in the release that Verituity's “unique approach to the industry is to embed authentication into payments and address the complexity of connecting legacy treasury systems to digital payments.” It's the cause of change.”

By bringing together authentication, intelligent payments and trust, Verituity is “well-positioned to take full advantage of the rapid transformation in distribution,” said Don Dixon, co-founder and managing director of Forgepoint Capital.

In April, Verituity teamed up with Mastercard to enable near-real-time payments for commercial banks and payers.

In this collaboration, Verituity's white-label payments platform integrates MasterCard's portfolio of domestic and international money transfer solutions, Mastercard Move. With this integration, the Verituity platform will be able to offer customers faster time-to-market and instant verification of payers and transactions.

“We are thrilled to join forces with MasterCard to bring more banks into the secure delivery and remittance ecosystem,” Turner said in a press release announcing the partnership.

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