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The Treasury Department’s Bureau of the Fiscal Service implemented a new payee name validation capability within its Treasury Check Verification System application programming interface on Monday, according to a notice from the bureau.
The change comes roughly a year after regulators tightened liability standards for Treasury check returns.
TCVS is a tool that assists financial institutions with Treasury check verification. It is available through a secure application programming interface and a public-facing website. Payee name access will be available only through the interface and not the website, according to the bureau.