Find out how Accelitas allows instant validation of bank accounts without the use of Online Banking (OLB) credentials.
With unmatched coverage of U.S. bank accounts, and real-time data updates, Accelitas is doing what the traditional players can’t — delivering instant bank account validation tuned to your specific business needs. Our real-time bank account validation solutions deliver a frictionless experience that helps businesses reduce fraud and abandonment rates, while meeting Nacha requirements. Accelitas is a Nacha Preferred Partner for account validation.
Traditional bank data and credit tools have limited insight and a historical perspective only. Accelitas provides up-to-the-minute account information with unmatched coverage, routinely testing at 98% knowledge of all U.S. bank accounts. Bottom line: Businesses that verify with Ai Validate typically see a 30% lift in coverage compared to businesses that use traditional bank data consortiums.
There are several commercially viable options for account validation, but they can be time consuming, costly and cause potential customers to abandon the process.
Accelitas provides a frictionless solution that allows instant validation of bank accounts without the use of Online Banking (OLB) credentials. The non-credentialed bank account validation service provides a more intelligent and economical service, delivering real-time confirmation of active accounts to improve ACH success rates, reduce returns, mitigate risk while staying compliant with the mandatory Nacha verification rules.
Accelitas is a Nacha Preferred Partner for Account Validation.
This non-credentialed bank account validation service from Accelitas delivers real-time confirmation of active accounts to improve ACH success rates, and reduce returns and charge offs, while staying compliant with the Nacha verification rules. It also provides a better experience for your customers by eliminating “fat-finger” errors when manually entering routing and account number.
Ai Validate Bank Data is an account validation service that combines our proprietary analytics in risk modeling to produce indicators on the validity, association and the risk of the bank account information submitted. This service is typically used for lower value/lower risk ACH transactions (e.g., utility payment at account opening).
Ai Validate BAV leverages the same powerful analytics but adds unique data sources that are tuned for higher value/higher risk ACH transactions, where the client either does not want or cannot use FCRA data for BAV. Real-time bank account transactional data & status is leveraged (e.g., auto loan payment at account opening).
Ai Validate BAV | FCRA is typically used for higher value/higher risk ACH transactions. (e.g., funding a consumer loan). Our service provides real-time consumer behavioral data in the response to the client and can be used for Adverse Action purposes.
What is bank account validation?
Just as prospective customers need to be accurately verified, so do the bank accounts in question. Account validation is critical for businesses that originate ACH credits and debits. An incorrect account, routing, or transit number can delay in the collection of funds, result in failed payments to suppliers, accrue fees and penalties, and damage a company’s reputation. Fast and frictionless bank account validation enables businesses to reduce both fraudulent and accidental account entries, while providing a more positive customer experience.
What is the difference between credentialed and non-credentialed account validation?
Credentialed Verification: this log-in process requires consumers to submit their internet banking username and password, providing credentials that include current balance, transaction information, verification of ownership, income verification, and more.
Non-Credentialed Verification: this method does not require consumers to provide their online banking credentials. While the benefit to users is a frictionless experience, a non-credentialed solution will provide less coverage; typically 60% as compared to 90%+ for credentialed coverage.
What is Nacha and the Web Debit Account Validation Rule?
The National Automated Clearing House Association, better known as Nacha, manages the development, administration, and governance of the ACH Network, the backbone for the electronic movement of money and data in the United States.
The WEB Debit Account Validation Rule took effect in March 2021. Originators of WEB debit entries have been required to use a “commercially reasonable fraudulent transaction detection system” to screen WEB debits for fraud. The Web Debit Account Validation Rule has supplemented this screening requirement to make it explicit that “account validation” is part of a “commercially reasonable fraudulent transaction detection system.” The supplemental requirement applies to the first use of an account number, or with subsequent changes to the account number, when used for WEB debit entries.
Accelitas is a Nacha Preferred Partner.
Call us at +1 415-842-7700 or email info@accelitas.com
