In 2018 alone, ACH network volume reached nearly 23 billion payments – approximately 70 payments per person in the U.S. In the 12 months ending February 2019, payment volume across the ACH network increased 7.2%, reaching over 100 million ACH payments per banking day. Account validation capabilities have not kept pace with the growth of faster payments.
This paper explores the strengths and weaknesses of the most commonly used account validation solutions available and makes recommendations for payment originators looking to bolster their validation practices. It also explores the specific requirements of Nacha’s Account Validation WEB Debits rule and the imminent changes required for your organization to maintain compliance.
What You’ll Learn
- Analysis of the upcoming Nacha rule change regarding Account Validation for WEB debits
- Weaknesses of current commonly-used account validation methods; and
- Best practices in Account Validation and insight into compliance with the account validation rule change.