Posted April 20, 2015
HERNDON, Va., April 20, 2015 – Today, NACHA announced Early Warning as its Preferred Partner[i] for account validation services. NACHA’s Preferred Partner Program identifies leading providers and innovators that work with NACHA to better advocate for and educate the industry on technology and best practices in support of the ACH Network and ACH payments. Account validation is one of NACHA’s strategic initiatives aimed at helping to increase adoption of electronic payments and improve the quality of payments.
“NACHA is committed to serving as a trusted and expert industry resource for education and solutions in support of the ACH Network and ACH payments,” said Janet O. Estep, president and CEO of NACHA. “Our Preferred Partner Program enables us to provide information and guidance around the innovative services and products that are facilitating the increased use of electronic payments. We are pleased to partner with Early Warning, as their innovative solutions around batch and real-time account validation will increase awareness of the significance of account validation and ultimately grow adoption.”
Early Warning offers the industry a solution that validates the accuracy of the account information received from a consumer or business. Early Warning’s real-time Payment Chek® Service with Account Owner Authentication leverages the National Shared Database℠ Resource, the industry’s most current and accurate source of collaborative financial data, to authenticate Demand Deposit Account (DDA) ownership, account signatory and account status. Now, merchants and billers can mitigate insufficient funds, reduce administrative and unauthorized ACH returns and account takeover fraud while reducing costs and better enabling a positive experience for both consumers and businesses.
“We are pleased to work with NACHA as a Preferred Partner to promote safe, secure payments to the industry,” said Laura Weinflash, vice president, emerging payments, Early Warning. “NACHA is leading efforts to increase industry awareness of account validation and its importance. Early Warning’s solution supports NACHA’s efforts while providing benefits such as improved operating efficiencies and reduced costs to financial institutions and originators in need of account validation services.”
NACHA is an active leader in advocating and creating best practices for all types of account validation to reduce risk, minimize administrative errors, and improve data quality. NACHA’s partnership with Early Warning will enable improved education and support of account validation. NACHA will pilot the Preferred Partner initiative with Early Warning through 2015, and will explore opportunities to grow the program to recognize leading providers of other critical services in 2016.
About Early Warning
Early Warning provides risk management solutions to a diverse network of 1,100 financial institutions, government entities and payment companies, enabling businesses and consumers to transact securely and conveniently. Owned and governed by five of U.S.’ largest banks, Early Warning’s unique business model facilitates a data exchange system based on collaborative, shared intelligence. For more than 20 years, the company has worked with organizations of all sizes to advance collaborative risk management and fraud prevention. For more information please visit www.earlywarning.com.
About NACHA — The Electronic Payments Association
Since 1974, NACHA – The Electronic Payments Association has served as trustee of the ACH Network, managing the development, administration and rules for the payment network that universally connects all 12,000 financial institutions in the U.S. The Network, which moves money and information directly from one bank account to another, supports more than 90 percent of the total value of all electronic payments in the U.S. Through its collaborative, self-governing model, education, and inclusive engagement of ACH Network participants, NACHA facilitates the expansion and diversification of electronic payments, supporting Direct Deposit and Direct Payment via ACH transactions, including ACH credit and debit payments, recurring and one-time payments; government, consumer and business transactions; international payments, and payments plus payment-related information. Through NACHA’s expertise and leadership, the ACH Network is now one of the largest, safest, and most reliable systems in the world, creating value and enabling innovation for all participants. Visit nacha.org for more information.
[i] NACHA’s Preferred Partners serve as industry resources intended for education and informational purposes only. NACHA does not endorse the use of any particular provider or application of any particular service or product.