E-Complish Teams With Plaid On ACH Compliance

Payment processing solutions company E-Complish has collaborated with Plaid for in-the-moment bank account and balance verification, according to a Monday (March 1) announcement.

The collaboration will let clients of E-Complish make sure that an individual’s bank accounts are in use and have a satisfactory balance in live fashion. E-Complish clients can let their end-users simply and safely access their account information while following Nacha guidelines through Plaid’s infrastructure, according to the announcement.

“The advantages of this partnership are unparalleled,” E-Complish CEO and Chief Security Officer Stephen Price said in the announcement. “The integration of ‘Merchant-E-Complish-Plaid-Bank’ creates a unique four-way process of ‘Bank Account and Balance Verification’ that will reduce ‘ACH Returns’ and increase overall ‘ACH Deposits’ at the lowest cost possible for the Merchant.”

The E-Complish-Plaid Account Verification Solution allows for compliance with the new ACH WEB Rule put into place by Nacha regarding digital ACH transaction verification, the announcement stated.

A new rule for WEB Transactions mandates another level of account verification for all digital ACH Debit Transactions, according to the announcement. The new rule by the governing body says that new bank accounts and modified existing accounts have to be checked through a verified means to make sure they are legitimate and in use.

“Knowing when to initiate an ‘ACH WEB Transaction’ based on the ‘Account and Balance Verification’ provided by Plaid is a game-changer in the ACH market,” Price said in the announcement. “Working with Plaid, E-Complish can provide an easy, cost-effective ‘Bank Account and Balance Verification’ that just works.”

As PYMNTS previously reported, taking ACH payments is often a must for firms throughout industries and business models. While often discussed as a legacy payment rail, it’s a reliable method for moving funds that are often trusted by a payment’s sender and recipient.

For companies taking ACH payments, however, increasing security and compliance mandates from Nacha have made it harder than ever to make sure that revenue can keep flowing, especially as those requirements become more intricate for the legacy technology.