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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.
The new payment rail supports interbank, peer-to-peer, person-to-business and business-to-business transactions, and can handle up to 5 million transactions per day. Nacha Drives Corporate ACH Adoption. Nacha is rolling out a new resource center designed to help corporates embrace the ACH Network.
For financial institutions and merchants, validating transactions in real time can be a boon, eliminating returns or declined transactions. The suggestion, then, was to use tokenization to ascertain accountvalidity and funds availability in consumers’ accounts, using API calls from the merchant.
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