The Account Validation Guide
Verifying a consumer’s account is critical for maintaining compliance with Nacha’s WEB Debit Rule, requiring ACH originators to use “account validation.” (more…)
Overview
Looking for a Convenient Tool to Maintain Compliance?
ValidiFI introduces a new standard for authenticating and validating bank accounts.
This service verifies the legitimacy of a bank account, the status of the account, and account structure. Additionally, it also has the ability to detect evidence of potential fraud prior to accepting payments.
Overview
Validate income, expenses, and payment patterns
We have the largest financial institution coverage at 31,000+ with over 48,000 connections for built-in redundancy.
Better Data for a Better Customer Experience
Our proprietary account validation service is like nothing you have seen. We’ve combined the freshest banking and payment data with intelligent insights to transform your risk into confidence. With the highest bank and payment data coverage in the industry, we supply you with the insights needed to succeed. We are a Nacha preferred vendor, offering a combined solution to help maintain compliance and mitigate fraud.
Validate Your Customers’ Identity In Real-Time
with ValidiFI’s Account Validation Solutions
Ensure Nacha Web Debit Compliance
Easily adhere to Nacha’s Web DEBIT rule which requires a bank account's validation prior to accepting payment.
Improve Risk Models
Easily train, test, and optimize your models with hundreds of structured insights and attributes.
Accelerate Onboarding
Validate accounts without the use of credentialed verification services to expedite the process.
Access To Better Financial Data
Routing Number & Account Number Structure
Validates that a bank routing number belongs to a Financial Institution and is ACH capable, as well as validates that account number matches the structure issued by the financial institution.
Live Account Status Validation
A live ping of the consumer’s bank account to identify if the account status is currently open, closed, or invalid.
Contributory Transaction Data
Proprietary database contributed into by businesses, merchants, and payment processors.
Banking Data
A proprietary database housing positive and negative banking data, cleansed and normalized into actionable insights.
Case Study
Making Profits out of Near Losses
An online business dealing with fraud related to accepting ACH payments reached out to ValidiFI for assistance. ValidiFI identified the tools to discover accounts that couldn’t be collected due to being invalid, closed, or poor performance. By including an account validation service during customer onboarding and payment acceptance, they were able to mitigate returns and reduce losses.
Case Study
Borrowers' risk profile
An online business dealing with fraud related to accepting ACH payments reached out to ValidiFI for assistance. ValidiFI identified the tools to discover accounts that couldn’t be collected due to being invalid, closed, or poor performance. By including ValidiFI’s Account Validation service during customer onboarding and payment acceptance, they were able to mitigate returns and reduce losses.
Additional Resources For Account Validation
Nacha Preferred Partner Account Validation Series
Date: 22th February 2019 , Duration: 60 min
Regulatory Update: The Lend Podcast Featuring ValidiFI
Date: 22th February 2019 , Duration: 60 min