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It can be a moment of anxiety, worry and mistrust: that moment when a digital payment is sent into what was once called the ether. Will the funds end up in the right bank account? Will fraudsters hitch a ride? Those and other questions can vex people involved in the transaction — and keep them glued to paper-based payments until the questions can be answered to their satisfaction.
For many small businesses struggling to survive the devastating economic impact of the COVID-19 pandemic, the Paycheck Protection Program (PPP) promised a lifeline.
Monthly ACH volume has hit an all-time high, topping 2 billion transactions and $4.5 trillion in payments in August, according to Nacha – The Electronic Payments Association.
Those numbers represent a 10% increase in transaction volume and a 12% increase in dollar value over August 2017. Nacha said it’s on track to add more than a billion new ACH payments for the fourth year in a row.
“The ACH Network is thriving, and has achieved a milestone of more than 2 billion payments in one month,” Nacha COO Jane Larimer said. “This impressive growth demonstrates that businesses and consumers are choosing to use ACH payments.”
GIACT’s new report, Securing Faster Payments: Modernizing Account Validation, explores the strengths and weaknesses of the most commonly used account validation solutions available and how payment originators looking to bolster their validation practices.
GIACT, a Refinitiv company, today announced that it has added a global consumer and business identity verification solution, gIDENTIFY® Global, to its EPIC Platform. gIDENTIFY Global represents a significant advancement in global identity verification, allowing U.S. organizations to validate non-U.S. persons across 38 countries and businesses across 11 countries, respectively.
The Faster Payments Task Force is working toward launching a real-time payments network in the U.S. by 2020. But faster payments could open the door to more fraud, as has been experienced in other countries, such as the U.K. and Mexico. Meanwhile, the U.S. has already experienced fraud exploits on a number of P2P payments networks, including Venmo and Zelle, that offer money transfers between consumers. Those exploits focus on the lack of scrutiny that faster payment transactions receive due to the speed of funds transfers.
Faster Payments is quickly becoming a reality in the U.S. for multiple use cases, ranging from person-to-person (P2P), to corporate disbursements (B2C), and much larger B2B transactions. While the transition to faster payments is a positive development for both businesses and consumers, it carries significant and hidden risks.