Nacha, a nonprofit organization that convenes hundreds of diverse organizations to enhance and enable ACH payments and financial data exchange within the U.S. and across geographies, announced on Thursday it has named Plaid as one of its preferred partners for account validation.
According to Nacha, by becoming a Preferred Partner, Plaid joins a select group of innovators contributing to the organization’s strategic efforts in support of the payments ecosystem by removing friction, increasing ease, improving cash flow accessibility and efficiency, as well as supporting sound risk management and security for ACH payments. Jane Larimer, Nacha President and CEO, further explained:
“Minimizing payments risk and fraud is vitally important, and account validation solutions have a key role to play in that. Improving transaction quality in the payments industry requires a wealth of expertise, and so Nacha is pleased to welcome Plaid as a Nacha Preferred Partner.”
Sima Gandhi, Head of Business Development at Plaid, went on to state:
“Plaid strives to improve the world’s financial data network through innovation. We’re excited that Nacha selected us as a Preferred Partner with the capabilities to help merchants and service providers perform account validation. We aim to help businesses successfully leverage the ACH ecosystem by providing a robust account authentication mechanism with comprehensive coverage and seamless user experiences.”
Nacha then added that with more than 10 billion transactions analyzed, Plaid adds key insights to the data it provides through its suite of analytics products.