The partnership allows for bank accounts and balances to be verified instantly to enforce compliance with the new ‘NACHA WEB Rules’ effective March 2021
E-Complish, a provider of custom payment processing solutions, has teamed up with data network Plaid, a data network powering the digital financial ecosystem to streamline the ACH payments processing flow for E-Complish customers.
The partnership will allow E-Complish customers to verify that a consumer’s bank accounts are active and have an acceptable balance in real-time. With Plaid’s technology, E-Complish customers can enable their end-users to seamlessly and securely access their account information in compliance with NACHA guidelines.
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Greg Gaines, E-Complish’s VP of Compliance & Customer Service, said, “The ‘E-Complish-Plaid Account Verification Solution’ creates compliance for the new ACH WEB Rule instituted by NACHA — the governing body of the ACH — to address online ACH transaction verification. The new ACH rule for ‘WEB Transactions’ requires an additional level of account verification for all online ‘ACH Debit Transactions.’ The new NACHA Rule (as of March 2021) stipulates that new bank accounts and modified existing accounts must be validated through a verified method to ensure that they are authentic and active. With that said, we want to do everything we can to help our clients not only comply with the new NACHA WEB rules but also create cost-savings by reducing ACH returned items,” Gaines said.
“The advantages of this partnership are unparalleled. The integration of ‘Merchant-E-Complish-Plaid-Bank’ creates a unique four-way process of ‘Bank Account and Balance Verification’ that will reduce ‘ACH Returns’ and increase overall ‘ACH Deposits’ at the lowest cost possible for the Merchant,” said Stephen Price, CEO & CSO of E-Complish.
“The E-Complish integration with Plaid not only makes ACH compliance possible but also reduces costs of ‘ACH Returns’ for ‘No Account Found,’ ‘Invalid Account,’ and ‘Insufficient Funds,'” said Price. “The integration will be a lynchpin for E-Complish’s clients to improve their ACH payment processing capabilities through rapid ‘Account Verification‘ and, more important, ‘ACH Deposits’ that happens with the highest reliability and cost-effectiveness. Knowing when to initiate an ‘ACH WEB Transaction’ based on the ‘Account and Balance Verification’ provided by Plaid is a game-changer in the ACH market. Working with Plaid, E-Complish can provide an easy, cost-effective ‘Bank Account and Balance Verification’ that just works. ‘Account Authentication and Verification’ will lead to reductions in ‘ACH Returns’ stemming from human error (e.g., consumers’ fingers inputting incorrect account numbers). This, in turn, decreases ‘Notification of Change (NOC)’ transactions too,” Price noted.
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