LoanPaymentPro and Accelitas today announced a collaboration they stated will let them offer customers extremely high-speed account validation and payment processing.
The companies stated in the announcement their integrated offerings will help clients address increased customer demand for digital transactions, risk of fraud and increasingly strict compliance requirements.
LoanPaymentPro offers payment and funding products to clients in the consumer finance and debt-repayment industries. Accelitas uses artificial intelligence to carry out predictive analytics for validating accounts and generating 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 at instant funding platforms, and our partnership will not only answer our customers’ immediate needs, it can help them grow new business.”
“NACHA” is a reference to the body that oversees automated clearinghouses.
Accelitas says it provides validation on “up to 98 percent of all U.S. accounts” without using online banking credentials.
“Having this partnership with Accelitas allows LoanPaymentPro to bring forth industry-leading bank account validation and verification data that enhances payment acceptance,” James Celli, LoanPaymentPro’s founder and chief executive, said in a prepared statement. “This is all made possible with their innovative and intelligent platform backed by their incredibly talented team and data scientists.”
Michael Perkins, senior vice president of channel partnerships for LoanPaymentPro, said in a prepared statement: “Accelitas is quickly becoming the leading banking data and intelligence providers in the consumer finance industry. Integrating Accelitas’ predictive analytics and bank validation products into our gateway will not only enable our clients to stay compliant with (NACHA) rules, but also reduce their fraud risk.”
A new NACHA rule announced in March 2021 will require ACH originators to make account validation part of their fraud detection. The rule includes a one-year grace period until March 19, 2022.
In related news, digital payment and credit platform Aliaswire on Feb. 8 added a new bank account validation (BAV) solution for banks and their commercial clients, which comes ahead of the new rule.
Read more: Aliaswire Unveils Bank Account Validation Solution
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More