GIACT’s new report, Securing Faster Payments: Addressing the Account Validation Rule, discusses the rapid growth of ACH payments, the latest fraud trends surrounding faster payments as well as how to secure ACH transactions.
The report comes in advance of Nacha’s upcoming WEB Debit Account Validation Rule, slated to take effect on March 19, 2021, and serves as a guide on how to apply proper account validation measures.
GIACT’s new report, Nacha’s 2021 Account Validation Rule: A Push for Stronger Anti-Fraud Solutions, details the potential challenges facing WEB debit payment originators as the new Nacha rule requiring proper account validation became effective on March 19, 2021. The report explores the accelerated shift to electronic payments in 2020, specifically through the ACH network, and how many payment originators will need stronger anti-fraud solutions to comply with a rapidly expanding ACH Network.
As Nacha’s new rule is now in effect, the need for account validation has never been more urgent – particularly considering the overall growth of ACH payments, the current practice of social distancing, and the advanced shift to digitize payments.