Finicity Pay creates secure payments ecosystem; meets 2021 Nacha requirements
for ACH transactions, increased anti-fraud controls
Finicity, a Mastercard company and leading provider of open banking solutions, and SWBC, an international financial services company, announced that SWBC will utilize Finicity Pay™ for instant account verification of online Automated Clearing House (ACH) payments to satisfy the National Automated Clearing House Association’s (Nacha) 2021 requirements for ACH transactions, which allows for stronger anti-fraud controls.
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“Instant data verification is the best way to enable consumers to pay, get paid, or set up accounts. Our team is continually expanding our capabilities in money movement through our trusted open banking platform.”
Finicity Pay, an integrated solution set of Finicity’s open banking platform, will help SWBC create a more secure ACH ecosystem through instant account verification, which verifies account status and details needed for an ACH transfer and supports the immediate execution of ACH transactions. The solution replaces older methods of verification such as micro-deposits and pre-notification. SWBC will utilize Finicity Connect, a simple, consumer-centric open banking experience, to enable their consumers to digitally authenticate and permission their bank account information to securely expedite an ACH bank payment.
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“The Nacha 2021 rule is intended to provide stronger anti-fraud controls leading to a more secure payment experience,” said Finicity CEO and Co-founder Steve Smith. “Instant data verification is the best way to enable consumers to pay, get paid, or set up accounts. Our team is continually expanding our capabilities in money movement through our trusted open banking platform.”
SWBC provides financial institutions, businesses, and individuals a wide range of services, including insurance, mortgages, wealth management, employee benefits and more. Among its services, the company offers an enterprise payment solution platform for receiving payments—both ACH and card-based payments via call-center, website, interactive voice response (IVR), mobile, or cash.
“Providing secure and efficient access to the initiation of ACH payments is essential for today’s consumer,” said SWBC Vice President of Product Strategy Tucker Stovall. “Our partnership with Finicity will allow SWBC to deliver new security capabilities protecting consumers and the institutions that serve them. In addition, instant verification allows for speedy enrollment and immediate access to ACH transaction initiation, a significant improvement to the user experience.”
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