Accelitas joins Nacha podcast on the future of ACH payments
Established rules, best practices, and innovative solutions expected to drive improvement in account validation procedures
PETALUMA, Calif., March 18, 2024 – Accelitas Vice President of Product Management, James Cook, was a recent guest on Nacha’s “Payments SmartCast,” a recurring podcast focused on issues of interest to the payments community. Hosted by Nacha’s Dan Roth, Cook was joined by Amy Morris, Senior Director, ACH Network Rules at Nacha, in breaking down what went into the rules for account validation, what ACH participants need to be aware of, and what they might expect in the coming year.
According to Morris, the crucial duty of the ACH Network remains risk management, a process that’s continuously evolving. But in pursuing best practices, user experience has become a major consideration. “The quality experience starts with both parties being able to pay or be paid in the manner they desire,” said Morris. “The merchants/payees care about processing efficiently, moving on to their other obligations, and not having to think about payments anymore. The bill payers want to have their bill paid simply and know when it’s coming out of their account.”
“The discussion comes down to the nature of their business; what risks do they face and what is their tolerance for risk?” Cook explains in the podcast. “We have customers working in relatively low risk businesses where their focus is more on efficiency. Can I validate this bank account in a fast, accurate manner, with no friction for my consumer? Does the cost align with the risk I face? They want to avoid different levels of admin returns.”
As the ACH space seeks to balance transaction security and seamless customer experience, it’s become evident that one size does not fit all in validation services. Cook said Accelitas works with “a number of different ACH participants that have all kinds of use cases that extend beyond just web debit.” ACH participants are interested in preventing fraud as well as improving overall efficiencies, he noted, and Accelitas has developed a suite of different solutions that help match the right service for the right use case. The company also plans to invest in and expand its intelligence around bank data.
“Unfortunately, fraud is not going away anytime soon,” Cook concluded, citing the appearance of additional attack vectors. “Accelitas is looking to expand our capabilities to help address these new and growing fraud needs in the marketplace.”
Accelitas is a Nacha Preferred Partner.
About Nacha (http://www.nacha.org)
Nacha governs the thriving ACH Network, the payment system that drives safe, smart, and fast Direct Deposits and Direct Payments with the capability to reach all U.S. bank and credit union accounts. There were 31.5 billion ACH Network payments made in 2023, valued at $80.1 trillion. Through problem-solving and consensus-building among diverse payment industry stakeholders, Nacha advances innovation and interoperability in the payments system. Nacha develops rules and standards, provides industry solutions, and delivers education, accreditation, and advisory services.
About Accelitas (http://www.accelitas.com)
Accelitas® is reimagining financial access through the transformative power of data. Our AI-powered predictive analytics and alternative data sources deliver fast, fair, and frictionless ways to help companies achieve business growth and financial inclusion. Powered by the real-time web services of its Accelerated Insight® Platform, the company provides innovative ways to seamlessly screen leads, validate accounts, and accept more creditworthy borrowers. The company is headquartered in Petaluma, Calif.
Accelitas is a trademark and Accelerated Insight is a registered trademark of Accelitas, Inc. All other trademarks are property of their respective holders.
Media Contact:
Sabrina Khoury
Accelitas, Inc.
1 (415) 842-7708 (office)
skhoury@accelitas.com