Aliaswire Debuts New Account Validation Tool in Advance of New Nacha Requirements March 19

Aliaswire, a provider of digital payment and credit solutions, today announced the addition of a new bank account validation (BAV) solution for banks and their commercial clients. The company said it is in preparation for the pending enforcement of a new web debit rule which requires ACH originators to make account validation an explicit part of their fraud detection efforts.

The regulation was first announced by Nacha in March 2021 with a one-year grace period for compliance. As of March 19, 2022, ACH originators must use account validation as a “commercially reasonable fraudulent transaction detection system” to screen web debits for fraud. This applies to the first use of an account number, or changes to the account number.

Aliaswire’s BAV solution is supported by Nacha’s Phixius Peer-to-Peer Network, which allows participants to instantaneously exchange and verify payment-related information. The network provides a single connection for verification and exchange of payment-related data with standardized APIs, streamlined services to foster interoperability and innovation, and secure payment information exchange and validation via blockchain/distributed ledger technology tokens.

The solution also confirms payment history, particularly NSF or chargeback history. As new features are added to Phixius, Aliaswire’s solution will also confirm account ownership and matching ownership to the payment originator; and consistency of personally identifiable information (PII), including name, address, phone, number, and email.

The BAV solution is offered both as a standalone service, and as a feature within Aliaswire’s DirectBiller billing and payments platform. DirectBiller equips banks to offer their commercial clients custom-branded billing and payment experiences to their customers. The software-as-a-service (SaaS) platform manages the end-to-end process from invoicing through payment reconciliation and integrates with banks’ treasury management systems and their clients’ ERP systems.

“We’re helping our bank partners and their commercial clients speed the flow of payments while also quickly and easily complying with Nacha’s new requirements,” said Jed Rice, CEO of Aliaswire. “Modern account validation should deliver multiple benefits such as increasing your transaction volumes and improving the user experience while also preventing fraud.”



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