U.S. fintech Vesta announced on Tuesday it has integrated with Plaid to launch Guaranteed ACH, which is a payment solution that enables online automated clearing house (ACH) payments, as well s reduces fraud and fees incurred from non-sufficient funds.
Vesta reported that by using Guaranteed ACH, consumers may easily initiate a payment online using Plaid’s technology to streamline the account authentication process. Vesta’s real-time decisioning platform provides the analytics and authentication to guarantee the transaction for both consumers and merchants in real-time.
“Vesta enables e-commerce companies to grow their businesses by focusing on revenue rather than risk. By extending its pioneering zero-risk, zero-liability payment guarantee to ACH payments, Vesta will help online merchants further increase their profitability by facilitating the use of a less costly payment method while also reaching new potential customers who may not have or may not wish to use payment cards. Additionally, ACH payments have a lower cost for merchants than traditional payment cards.”
Ron Hynes, CEO of Vesta, further explained the ACH feature by stating:
“Guaranteed ACH allows businesses to accept direct payments without fear, eliminating one of the major hurdles to ACH acceptance and real-time payments, while also ensuring that millions of Americans with bank accounts but no payment cards have the ability to shop online.”
Lowell Putnam, Head of Partnerships at Plaid, added:
“We’re focused on democratizing financial services through technology. Broadening accessibility to and confidence in ACH payments helps advance that vision by giving consumers and merchants a secure, convenient, friction-free payment option.”