The report focuses on the rapid growth of ACH payments, the latest fraud trends surrounding faster payments, and how to secure ACH transactions. The report comes in advance of Nacha's upcoming WEB Debit Account Validation Rule, slated to take effect on 19 March 2021, and serves as a guide on how to apply proper account validation measures. GIACT's report shows how businesses can both address the rule change and move beyond traditional methods of account verification, to understand account status, payment history, ownership, and the consistency of the personally identifiable information (PII) associated with the account. GIACT's identity and account verification solutions – including gAUTHENTICATE and gVERIFY – provide these tools through an easy-to-integrate platform.
According to the report, ACH payments have become increasing popular, since more and more transactions and accounts move online. In H1 of 2020, Nacha reported its network volume reached 13 billion payments – an increase of nearly one billion payments compared to the same period in 2019.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now