Established rules, best practices, and innovative solutions expected to drive improvement in account validation procedures
PETALUMA, Calif., March 26, 2024 /PRNewswire-PRWeb/ — Accelitas Vice President of Product Management James Cook was a recent guest on Nacha’s “Payments SmartCast,” a recurring podcast focused on issues of interest to the payments community. Hosted by Nacha’s Dan Roth, Cook was joined by Amy Morris, Senior Director, ACH Network Rules at Nacha, in breaking down what went into the rules for account validation, what ACH participants need to be aware of, and what they might expect in the coming year.
According to Morris, the crucial duty of the ACH Network remains risk management, a process that’s continuously evolving. But in pursuing best practices, user experience has become a major consideration. “The quality experience starts with both parties being able to pay or be paid in the manner they desire,” said Morris. “The merchants/payees care about processing efficiently, moving on to their other obligations, and not having to think about payments anymore. The bill payers want to have their bill paid simply and know when it’s coming out of their account.”
“The discussion comes down to the nature of their business; what risks do they face and what is their tolerance for risk?” Cook explains in the podcast. “We have customers working in relatively low risk businesses where their focus is more on efficiency. Can I validate this bank account in a fast, accurate manner, with no friction for my consumer? Does the cost align with the risk I face? They want to avoid different levels of admin returns.”
As the ACH space seeks to balance transaction security and seamless customer experience, it’s become evident that one size does not fit all in validation services. Cook said Accelitas works with “a number of different ACH participants that have all kinds of use cases that extend beyond just web debit.” ACH participants are interested in preventing fraud as well as improving overall efficiencies, he noted, and Accelitas has developed a suite of different solutions that help match the right service for the right use case. The company also plans to invest in and expand its intelligence around bank data.
“Unfortunately, fraud is not going away anytime soon,” Cook concluded, citing the appearance of additional attack vectors. “Accelitas is looking to expand our capabilities to help address these new and growing fraud needs in the marketplace.”
You can listen to this Nacha Payments Smartcast here.
Accelitas is a Nacha Preferred Partner.
Media Contact
Sabrina Khoury, Accelitas, +1 (415) 842-7732, [email protected], Accelitas.com
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SOURCE Accelitas
