Why Businesses Need Real-Time Bank Account Verification?

Adam Mendas15 Jun, 2022Technology

NACHA, the Electronic Payment Association overseeing the ACH network, recently made some changes to its Operating rules regarding ACH payments. Based on the new rules, originators or WEB debit entries are asked to use a ?commercially reasonable fraudulent transaction detection system? to verify users for fraud. Beginning on March 19, 2021, the rule will change to explicitly require ?account validation? or ?bank account verification? to be part of the new fraud detection system.