VALID Systems, a leading account-based decisioning and machine learning model provider, is proud to announce a strategic initiative to deliver a new check deposit solution that eliminates transaction risk and provides bank customers with immediate access to their check funds. The new check deposit solution is designed to compete with emerging real-time ACH payments and P2P platforms such as Zelle, Apple Pay, and Venmo.
Check funds availability schedules can be a complex matrix of factors that make the process confusing and time-consuming (a little clunky). VALID is changing this by providing instant availability and making 99% of funds instantly available while safeguarding the bank against loss.
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VALID’s new check deposit solution will enable banks to better compete with emerging payment technologies by offering an instant payment method that is on par with real-time ACH and P2P platforms. While P2P and real-time ACH will continue to see growth, both payment types pale in comparison to the dollars currently processed in check volume.
“VALID Systems processed over $1 trillion in check volume in 2022, demonstrating the significant opportunity and risk banks still face in the check space,” Rodney Drake, Chief Strategy Officer at VALID Systems, notes. “Check fraud is a growing challenge for financial institutions with significant dollars and increased risk putting pressure on inefficient processes and soaring losses.”
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VALID Systems has been expanding in the check deposit space since 2016, providing financial institutions with the ability to drive client-elected fee revenue for accelerated access to their check funds. By building upon past successes, VALID offers banks a means of converting exposure and loss into value as well as continued investment in machine learning.
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