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E-COMPLISH PARTNERING WITH PLAID: TO PROVIDE SECURE DIGITAL TRANSACTIONS

The increase of customers’ transitions from check payments to store or online digital transactions has increased the fraud of online transactions.  Online payment fraud has raised customer liability for unauthorized payment and or trust decline among consumers towards businesses using digital financing systems.  To contain the increase of fraud cases of online payments and WEB Debit ACH transactions NACHA, the governing body of the Automated Clearing House (ACH), implemented new regulations for fraud detection.  This rule came into effect on March 19, 2021, and will roll out within one year. The implementation of this regulation will not apply to existing accounts that have been transacting for WEB Debits.  However, this regulation applies to new financial accounts and modified existing financial accounts.  These accounts are validated through authenticated fraud transaction detection systems that ensure accounts are authentic and active.

To satisfy the NACHA additional fraud detection standards regulation, E-Complish has partnered with Plaid and offers clients a more secure ACH solution.  E-Complish working together with Plaid has provided a simple and secure payment portal to permit consumers to authenticate and authorize their accounts for online ACH payments.  In addition, E-Complish working with Plaid is committed to confirming that accounts remain open, active, and sufficiently funded to mitigate returns, overdrafts, and Non-Sufficient Funds.

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Plaid features:

  • NACHA’s preferred authentication providers
  • Plaid is a data network that allows people to connect their financial accounts to over 11,000 financial institutions securely
  • Allows people to connect their financial accounts to thousands of financial applications such as Venmo, Paysafe, Expensify, and Betterment
  • It securely processes customer’s data with financial apps and establishes a secure connection controlled by the customer

E-Complish and Plaid Joint Solution Benefits:

  • Satisfy NACHA regulations for supplementary levels of detecting fraud
  • Instant and strong authentication of financial accounts making digital transactions more secure
  • Streamline the user check-out experience to increase ACH conversion
  • Reduce ACH returns (such as fat-fingered mistakes, Non- Sufficient Funds) and NOC fees
  • Data encryption to securely keep personal information
  • The network is available to everyone desiring to connect their financial information with the various financial institutions and financial apps.