In order to finance the expansion of its verified payout platform for businesses and consumers, Verituity has raised $18.8 million.
According to a press release from Verituity on Friday, June 21, the company plans to use the additional funds to expand into new markets like mortgage servicing and energy, enhance its growth in the banking and insurance sectors, and continue developing the machine learning (ML) and artificial intelligence (AI) models that underpin the platform.
According to the press release, Ben Turner, CEO of Verituity, “orchestrates billions of dollars in verified B2B and B2C payouts by empowering businesses and banks to deliver trusted and intelligent payments on-time to known individuals and businesses.” “As we continue on our journey to ultimately do away with checks and integrate intelligent, verified payouts into the very fabric of business disbursements, I look forward to working with our investors.”
According to the statement, the company’s technology adds intelligence to each disbursement and knows and validates every payer, payee, account, and transaction.
According to the release, doing so reduces risks, maximizes payout economics, and guarantees that digital payments are made on schedule, to the correct payee and payment account, and from the correct funding account.
Sandbox Industries and Forgepoint Capital spearheaded the company’s most recent round of funding.
According to a press statement from Sandbox Industries, Chris Zock, managing partner and co-CEO, Verituity’s “unique approach to embedding verification into payouts and handling the complexity of connecting legacy treasury systems to digital payments is transformative for the industry—“
Verituity, according to Don Dixon, co-founder and managing director of Forgepoint Capital, is “well positioned to take full advantage of the rapid transformation underway in disbursements” because it combines intelligent payments, trust, and verification.
Verituity and Mastercard partnered in April to allow commercial banks and payers to make payments almost instantly.
Mastercard’s suite of local and international money transfer options, Mastercard Move, is integrated into Verituity’s white-labeled payments platform as part of that partnership. The Verituity platform will be able to provide consumers with fast payee and transaction verification as well as a shorter time to market thanks to this connection.
In a press statement announcing the collaboration, Turner stated, “We’re excited to work with Mastercard to include more banks in the safe disbursement and remittance ecosystem.”