LoanPaymentPro and Accelitas today announced a collaboration that they believe will enable them to offer customers extremely fast account validation and payment processing.
The companies said in the announcement that their integrated offerings will help customers meet growing customer demand for digital transactions, fraud risk and increasingly stringent compliance requirements.
LoanPaymentPro offers payment and financing products to customers in the consumer credit and debt repayment industries. Accelitas uses artificial intelligence to perform predictive analytics to validate accounts and generate credit scores.
Jimmy Williams, Accelitas senior vice president and national sales manager, said in a prepared statement, “Companies are aware of the new NACHA mandates and understand the growing demands of the digital marketplace. LoanPaymentPro are experts in instant financing platforms, and our partnership will not only meet the immediate needs of our clients, it can help them develop new businesses. »
“NACHA” is a reference to the organization that oversees automated clearinghouses.
Accelitas claims to provide validation on “up to 98% of all US accounts” without using online banking credentials.
“This partnership with Accelitas enables LoanPaymentPro to provide industry-leading bank account validation and verification data that improves payment acceptance,” said James Celli, founder and CEO of LoanPaymentPro, in a prepared statement. “All of this is made possible by their innovative and intelligent platform supported by their incredibly talented team and data scientists.”
Michael Perkins, senior vice president of distribution partnerships for LoanPaymentPro, said in a prepared statement, “Accelitas is rapidly becoming the leading provider of banking data and information in the consumer credit industry. Integrating Accelitas’ predictive analytics and banking validation products into our gateway will not only keep our customers compliant with the rules (NACHA), but also reduce their risk of fraud.
A new NACHA rule announced in March 2021 will require ACH creators to incorporate account validation into their fraud detection. The rule includes a one-year grace period until March 19, 2022.
In a similar vein, digital credit and payment platform Aliaswire on February 8 added a new bank account validation (BAV) solution for banks and their business customers, which predates the new rule.
Read more: Aliaswire unveils its bank account validation solution
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