Accelitas has announced that its Ai Validate Bank Data service contains a patented proprietary technology that automatically identifies invalid bank routing and account number pairs to create a valuable new workflow solution. By eliminating non-valid accounts at the beginning of the payment process, businesses can solve some of the most common reasons for ACH returns, saving significant time and money while improving the customer experience.
A fintech leader in machine learning and predictive analytics, Accelitas’ mathematical model can decipher how U.S. financial institutions format and structure their accounts. The breakthrough allows Ai Validate Bank Data to immediately filter erroneous bank account entries, including “fat finger” errors, that for many make up the majority of their ACH payment returns. Accelitas Ai Validate BD delivers a 100% hit rate across all U.S. accounts, unmatched in the industry.
“It’s the Holy Grail for ACH transactions, literally breaking the code to optimize that critical first layer of the validation process,” explains Greg Cote, Accelitas CEO. “We wanted to get rid of the guesswork, not just for one banking system but across the financial landscape. In the process we reduce consumer frustration and downstream costs for the client, delivering a simple and powerful tool for improving their online business.”
Today Ai Validate Bank Data helps optimize workflows that can include ACH on-boarding, pre-payment validations, pre and post consortium database validations, pre-micro-deposit validations, or simply offering an alternative to online banking validation services. Accelitas is a Nacha Preferred Partner.
Other Accelitas bank account validation products include Ai Validate BAV, which adds unique data sources tuned for higher value/higher risk ACH transactions, and Ai Validate BAV|FCRA, providing real-time consumer behavioral data that can be used for Adverse Action purposes.
Accelitas is a Nacha Preferred Partner.
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