Verifying a consumer’s account is critical for maintaining compliance with Nacha’s WEB Debit Rule, requiring ACH originators to use “account validation.” Though the rule went into effect on March 19th, 2021 it will not be enforced for an additional year. We have put together a guide of the various methods of account validation to help you get prepared.
Several options currently exist for verifying account ownership, including the use of prenotes, micro deposits, and validation services. Though these methods all provide some level of confidence that the account supplied is valid they do not all verify that it actually belongs to the consumer, check out the guide to discover which type is best for your business. Keep in mind that a blend of services may be needed.
ValidiFI is a Nacha preferred partner, recognized as a trusted combined solution vendor, offering both credentialed and non-credentialed Account Validation services. We also have different tiers available, depending on your needs, the Basic, Standard, Enhanced, and Advanced.
To learn more about the different services or for additional information, call 754-209-2511 or email us today.