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As such, they are pushing for more robust controls against fraud, and one of them is this new rule that requires accountvalidation. Also, as part of the validation process, merchants must ensure any bank account submitted for an ACH transaction is valid. AccountValidation Approaches.
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.
The service is also payment-agnostic, able to verify accounts for payments including wire transfers, automated clearing houses (ACH) and real-time payments. Lou Anne Alexander , chief producer officer for Early Warning Services, said the service would be innovative in its adoption of digital services.
Through this partnership, Amount will leverage ValidiFI’s comprehensive data network, which includes data from key bank sources that maximizes coverage, for the validation and authentication of bank accounts.
In response to a rise in fraudulent activity targeting ACH and other electronic transactions, the WEB Debit AccountValidation Rule was put into effect by NACHA on March 19, 2021. The supplemental requirement applies to the first use of an account number or changes to the account number. Source: NACHA. Here’s why.
Recognizing the escalating adoption of bank account payments as a credit card and paper cheque alternative, the demand for a steadfast bank account verification method has become imperative for businesses. VoPay’s new Instant Micro-Transaction Verification tool does just that.”
offering payments to business services [and] you have real-time accountvalidation services via [application programming interface] API,” he said. You also have the opening of a lot of these directories across the network to validate, authenticate and provide kind of security around the payments flow.”.
Now live in the UK with 10 large banks, Consumer Fraud Risk leverages AI and Mastercard’s unique view of account-to-account transactions, to help banks intervene in real time and stop a payment to a scammer before funds are sent. This extra step can protect senders before the funds leave their account.
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