Zūm Rails Offers Enhanced Payment Security for Real-time Payments

Zūm Rails, a leader in open-banking and intelligent payment software, today announced a new set of anti-fraud tools to enhance the security of its Instant Deposit feature. Instant Deposit, enabled by Visa Direct, Visa’s real-time1 push payments platform and made available through Zūm’s financial institution, allows users to send and receive payments quickly.

Canadian consumers have embraced digital payments and eCommerce during COVID-19, but these new behaviours aren’t without risks. This growth in digital commerce has increased the need for businesses to prevent card-not-present fraud and ensure good transactions are seamlessly approved. Many organizations are implementing new security procedures to ensure transactions remain trusted and secure, directly in response to COVID-19.

Zūm Rails’ cardholder name matching capabilities – coupled with Zūm Rails’ various security features – are designed to reduce fraudulent transactions, and support improved cash-flow and money movement.

Zūm Rails’ name matching tool instantly validates the individual whose name is on the payment card. After the name on the card is validated then a micro deposit is completed in real-time to validate the bank account.

For even more enhanced security Zūm Rails Instant Deposit also utilizes Visa Secure with EMV® 3-D Secure (3DS). Visa Secure makes authentication simple, lowers friction for consumers and helps prevent card-not-present fraud. As an added feature, stored payment values allow clients to use Zūm Rails PCI compliant platform to ensure payments can happen with minimal customer interaction, reducing churn on repeat or subscription businesses.

“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,” said Zūm Rails Co-Founder Marc Milewski. “This has allowed many industry leaders to adopt Zum Rails’ Instant Deposit feature, including Hitachi, Questrade, Coinsquare and others.”