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Morgan (formerly Onyx) to enhance cross-border payment accuracy in Malaysia, Thailand, and Hong Kong, This makes Nium the first fintech to provide data for validating bank account details in these markets. The solution helps prevent unnecessary fees, delays, and customer dissatisfaction.
In a new PYMNTS interview, David Barnhardt, executive vice president of product at GIACT , which offers fraud detection and accountvalidation tools, talks about an upcoming change by NACHA, national administrator of the ACH network, to make internet-initiated debit transactions (WEB debits) safer and more seamless.
To that end, in an interview with PYMNTS, Kimber Johnson , executive vice president of strategic alliances at GIACT , said accountvalidation is of increasing importance in an age where commerce is speeding up, and increasingly, moving online. The old saying goes: Faster payments, faster fraud.
NACHA, the payments clearing house through which ACH transactions flow, reported a banner year in 2020, posting an 8.2% Additionally, ACH internet transactions rose 15% from 2019 to 2020. As it happens, 2020 was a banner year for ACH fraud, too. The short descriptions are: Manual validation with a voided check.
The best practice is to leverage both application data and external data from the growing marketplace of data vendors who provide critical insight and scoring of things like bank accountvalidation, email addresses, IP addresses, device IDs and negative hotlists. 2020 McKinsey Global Payments Report).
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