Many merchants accept electronic payments via the Automated Clearing House (ACH) network. This method creates fresh opportunities for sending and receiving funds; however, these real-time payments come with various risks.
NACHA, the governing body of ACH transactions, has made it clear with a ruling in 2021 that anyone that accepts ACH needs to have a verification process in place or potentially be fined or have the ability to accept ACH stripped from their business model.
tranzpay.io offers a feature called ACHVerifi, an application programming interface (API) for software applications to respond to these rules set for by NACHA
We offer it as a batch process through secure File Transfer Protocol (FTP) and via a web-based portal for merchants doing singular transactions.
ACHVerifi provides an advanced data scoring system designed to provide you with accurate predictions regarding whether ACH debits, checks, or e-Checks will likely clear without return. Our verification system compiles and analyzes over one billion real-time consumer transactions and then returns one of three ratings: accept, decline, or warning. As a verification-only product, ACHVerifi verifies the transaction and allows you to retain your current banking relationship.
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