A leading American bank holding company allows customers to make payments on certain products, such as loans and credit cards, using external demand deposit accounts (DDAs). A DDA lets customers withdraw deposited funds at any time, without advance notice, via external accounts from other banks. However, anyone who knows the bank account information of others can make transactions using these accounts, which can lead to fraud. The bank amassed fraud losses of around $3.3 million per year because the company’s external accounts were not being validated as customers made payments. To reduce fraud losses and control the transactions made with external accounts, the bank decided to build a real-time validation capability for external DDAs. It turned to Cognizant to implement a solution to address its challenges and goals.