MOMs

S.No	Subject	Date	Attendees	Reference	Comments
1	Kick off discussion- Third Party Bank Data Validation Procurement needs	19/11/2024	Anita Sharma Ajit Vijay Daware , User 4a909 , Rahul Singh , Praveen Shetty	Meeting link for recording
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1. Kick off discussion- Third Party Bank Data Validation Procurement needs

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Dated : 19/11/2024

1. Attendees: Anita Sharma Ajit Vijay Daware , User 4a909 , Rahul Singh , Praveen Shetty
2. Summary:
   1. Current Bank Validation Process:
      • Regular expression validation only
      • Penny testing will be conducted later for select countries Currently, bank account validation is a manual process. Details from canceled checks are entered, followed by three levels of manual data quality checks to minimize errors. Additionally, a call confirmation process is implemented before any changes are made. In cases of mismatch or missing information, teams will send a query back to the requestor to obtain the correct details.
   2. New Third-Party Bank Validation Service Details:
      • Auto Validation Requirements & Penny Test Validation 1: Bank Key generation -To receive bank details:
        1. Bank Country
        2. Bank Name
        3. Bank Address
        4. IFSC Code
        5. Swift Code Validation 2: Validate Actual account name, Account number, and beneficiary name and other details.
      • Capability Assessment: a. Coverage by country - the expected best coverage is between 50-60%. b. Capability regarding Validation 1 and Validation 2 requirements. c. Pricing information.
      • Recommended Vendors: a. DNB - From a bank key perspective, DNB has the capability to perform Validation 1 (Bank Key Validation) but not account number validation. This needs to be rechecked. b. BVD - User 4a909 may need to investigate whether they offer both Bank Key Validation and Account Validation services. c. MasterCard and other potential vendors- User 4a909 may suggest potential vendors for these validations.
3. Further Discussion Points:
   • Budget considerations.
   • Validation requirements in lower environments.
   • Procurement timelines - initiate early discussions while keeping future procurement timelines in mind.
   • Engagement with multiple vendors - a proof of concept (POC) may be necessary to assess the match success rate of vendor data.
4. Previous Work Completed:
   • BvD: A POC with BvD has already been conducted, resulting in a match percentage of 12-18%.
   • DNB: Customer match from D&B using their matching feature yielded an approximate match percentage of 44%. User 4a909 needs to share a summary of the previous POC document with the team. A POC on API match success rates is still required.

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