Numeral product updates - May 2024

Welcome to Numeral May 2024 product update.

This month, our Product team released:

• Payment retries: Reach 100% payment success rate

• Account verification: reduce payment fraud and prevent payment errors.

• Improved manual reconciliation flow

• Treasury, TARGET2 and SCT urgent payments

Learn more about these capabilities below, and do not hesitate to contact us for more information.

Payment retries: reach 100% payment success rate

With payment retries, Numeral customers can automatically retry failed payments, enabling them to reach 100% payment success rate while reducing manual operations and maintaining complete auditability.

How it works

Based on information retrieved from the partner bank, Numeral automatically identifies when a payment fails and why.

When creating a payment order, Numeral customers can assign it an automated retry rule.

Based on information retrieved from the partner bank, Numeral automatically identifies when a payment fails and why. If the failed payment meets the conditions of the rule, Numeral will automatically retry the payment following the assigned rule:

• Immediately or later

• Of a different type, for instance, fallback to a SEPA regular payment if a SEPA instant payment fails

To ensure payments, finance, operation, and support teams can easily keep track of these retries, Numeral records and displays all original failed payments, the resulting performed and planned retried payments, and the retry rules applied.

Learn more in the documentation guide, API endpoint, and changelog.

Account verification: reduce payment fraud and prevent payment errors

Inaccurate counterparty data and inefficient processes lead to payment failures and increased fraud risk. 73% of large corporations are hit by payment fraud every year.

With account verification, Numeral customers can verify the validity of account information, including IBAN structure, account holder name, and account status, against trusted sources, enabling them to reduce payment fraud, increase direct debit collection rates, and prevent returns from payment errors.

How it works

Numeral customers can verify an external account recorded in Numeral from the dashboard or the API.

Available checks are:

• Account status: whether the account corresponding to the provided account number is currently open or not

• Account number structure: whether provided account number is technically correct or not

• Bank code: whether the provided account number and bank code match

• Account holder: check the correspondance of the provided account number and account holder name

After the verification is executed, customers can retrieve whether the account has been successfully verified and the verification results from the dashboard or the API.

You can find more information about account verification here:

• Guide

• API endpoint

• Changelog

Numeral relies on third-party providers’ data to perform verifications. Current coverage includes the Netherlands and France for account status and account holder checks, and SEPA and the UK for account number structure and bank code checks.

Create Swift payments from the Numeral dashboard

With the ability to create Swift payments from the dashboard, Finance, Treasury and Operations teams can easily create ad-hoc operational Swift payments or manually resolve Swift payment issues without having to log into their bank web interface or relying on the API.

How it works

Dashboard users can now select “Swift” as a payment type when creating a payment in the dashboard. When doing so, they will see a new field where they can select the Swift-specific fee option for the payment.

This feature is available to all customers with connected accounts at banks supporting Swift payments via Numeral.

Link to changelog.

Treasury, TARGET2 and SCT urgent payments

Numeral customers can now automate treasury, TARGET2, and SCT urgent payments using the API or dashboard.

• Treasury payments enable companies or financial institutions to move funds between their own bank accounts, within the same bank or different banks. They are usually same-day payments with no amount limit. They are particularly useful for safeguarding workflows.

• TARGET2 payments enable companies and financial institutions to send high-value and urgent domestic and Euro credit transfers, settled in real time in their partner bank’s central bank accounts.

• SCT urgent payments are SEPA credit transfers that reach the beneficiary account on the same day of execution.

Treasury, TARGET2, and SCT urgent payments are available to all customers with connected accounts at banks supporting these payments via Numeral.

Changelogs:

• Treasury payments

• TARGET2 payments

• SCT urgent payments