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In 2018 alone, ACHnetwork volume reached nearly 23 billion payments –70 payments per person in the U.S. In the 12 months ending February 2019, payment volume across the ACHnetwork increased 7.2%, reaching over 100 million ACH payments per banking day, a first for the ACHnetwork.
This accounts for close to 82% of all U.S NACHA worries this high volume of transactions on the ACHnetwork opens the way for fraud. As such, they are pushing for more robust controls against fraud, and one of them is this new rule that requires accountvalidation. AccountValidation Approaches.
This collaboration will expand on Phixius’ current accountvalidation coverage, leading to fewer returns and improving ACH payment quality. “Phixius connects payment validation requestors to responders. This provides the connective tissue to address critical coverage gaps in validating U.S.
Nacha announced that Visa , a world leader in digital payments, has joined its Preferred Partner Program for ACH Experience, Open Banking and AccountValidation. Nacha’s Preferred Partners’ commitment to innovation and security aligns with Nacha’s mission to enhance the ACHNetwork, ensuring these payments are fast and secure.”
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 ACHnetwork, to make internet-initiated debit transactions (WEB debits) safer and more seamless.
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