SWBC to use Mastercard's Finicity for ACH payments

Monday 18 January 2021 14:35 CET | News

US-based financial services firm SWBC has forged a partnership with Finicity, a Mastercard company and Open Banking solutions provider, for secure ACH ecosystem.

Under this partnership, SWBC will use the Finicity’s Open Banking platform Finicity Pay for instant account validation of online Automated Clearing House (ACH) payments. This will help meet the National Automated Clearing House Association’s (NACHA) 2021 requirements for ACH transactions that allow better anti-fraud controls.

NACHA manages, develops, administers, and governs the ACH network in the US. By instantly verifying the account status and details for an ACH transfer, Finicity platform’s integrated solution set will allow SWBC to create a safer ACH ecosystem.

SWBC will also use consumer-centric Open Banking solution called Finicity Connect, allowing its consumers to track an ACH bank payment via digital authentication.

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Keywords: SWBC, MasterCard, Finicity, ACH, Open Banking, Nacha, US, Open Finance, open data
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech