Please note, most third-party ‘Account Verification Providers’ that we have talked to, tout that they can verify all U.S.-based bank accounts. The Commercially Available Validation Services and Using APIs method of account verification using a third-party ‘Account Verification Provider’ to verify the bank account information provided by the account holder. Let’s take a look at each of the methods so we can be informed and make the best decision for our company/organization.Ĭommercially Available Validation Services and Using APIs It really comes down to what works best for your company. We should say up-front that we have found that there is no perfect “Third-Party Account Verification Service” that will verify all bank accounts. We then rated the method with a 1-10, (with ten being the best), by taking into consideration all of the previously stated factors. Commercially available validation service and using APIs įor our analysis, we looked at the SPEED, STEPS NEEDED, ACCURACY, and COST of each of the verification methods.With that said, we have researched and rated the three Bank Account Verification methods that Nacha will accept. According to NACHA, this Rule Change is meant to slow down the processing of fraudulent, or “No Account Found” transactions through the ACH Network that cause additional work and backlog. Come March 2021 the ACH WEB Rule change requires some sort of account verification BEFORE the ACH WEB transaction can be processed. Hence it is coded as “WEB” in Nacha ACH terms. A “WEB” transaction is an ACH transaction that is initiated by the bank account holder through the Internet. ACH Bank Account Verification – Is Your Company Ready? E-Complish Breaks Down Three Bank Account Verification Methods to Satisfy Nacha WEB Rule Changes Coming March 2021Ī New Nacha Rule change becomes effective with regard to the acceptance and processing of an ACH WEB transaction.
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