Aliaswire, a provider of digital payment and credit solutions, has announced the addition of a new bank account validation (BAV) solution for banks and their commercial clients.
The news comes in advance of the pending enforcement of a new web debit rule which requires ACH originators to make account validation an explicit part of their fraud detection efforts.
Aliaswire’s BAV solution is supported by Nacha’s Phixius Peer-to-Peer Network, which allows participants to instantaneously exchange and verify payment-related information. The network provides a single connection for verification and exchange of payment-related data with standardized APIs, streamlined services to foster interoperability and innovation, and secure payment information exchange and validation via blockchain/distributed leger technology tokens.
Aliaswire’s solution will also confirm account ownership and matching ownership to the payment originator; and consistency of personally identifiable information (PII), including name, address, phone, number, and email.
The BAV solution is offered as a standalone service, and as a feature within Aliaswire’s DirectBiller billing and payments platform. DirectBiller equips banks to offer their commercial clients custom-branded billing and payment experiences to their customers. The software-as-a-service (SaaS) platform manages the end-to-end process from invoicing through payment reconciliation and integrates with banks’ treasury management systems and their clients’ ERP systems.
“We’re helping our bank partners and their commercial clients speed the flow of payments while also quickly and easily complying with Nacha’s new requirements,” said Jed Rice, CEO of Aliaswire. “Modern account validation should deliver multiple benefits such as increasing your transaction volumes and improving the user experience while also preventing fraud.”
