Safeguarding Faster Payments and Addressing Nacha Rules
How do financial institutions, who increasingly rely on ACH, safeguard faster payments and stay in compliance with Nacha? The use of ACH skyrocketed during the pandemic, prompted by the need to provide faster digital payments and quicker facilitation of payroll, stimulus, B2B, P2P, and other types of transactions. In fact, Nacha announced a record year in 2020 with nearly 27 billion payments, totaling $61.9 trillion.
According to a new white paper from Advanced Fraud Solutions, Protecting ACH Payments: Safeguarding Faster Payments and Addressing Nacha Rules, issues related to fraud and compliance have also become top-of-mind for financial institutions.
Faster Payments, Faster Fraud
Faster payments can also mean faster fraud. Fraudsters continue to deploy a combination of established and emerging fraud tactics to misdirect and misappropriate funds. To help mitigate fraud, Nacha issued new rules, including its WEB Debit Account Validation Rule. Many financial institutions are still struggling to better protect faster payments while ensuring compliance.
What You’ll Learn
- The overall growth of the ACH network, along with the latest fraud tactics leveraging ACH;
- How the WEB Debit Account Validation Rule impacts financial institutions;
- And how TrueACH with Account Validation — a new ACH tool that enables financial institutions to confirm the account status, account owner or authorized user(s) — can help mitigate fraud and aid in Nacha compliance
Download the White Paper