What’s more, 38% of fraud takes place in payments transactions or the distribution of funds, and every $1 of fraud costs U.S. retail and ecommerce merchants $3.75.2
Enriching LexisNexis® Bankers Almanac® Validate™
with Nacha’s Phixius accurate payments data
in the form of Bankers Almanac® Validate™ Safe Payment Verification
enables customers to instantly verify that account details are routed to the correct account holders in the U.S. and reduce the risk of fraudulent or inaccurate transactions. Enabling them to:
A Pioneering Partnership
Bankers Almanac® Validate™
- view, in real-time, risks associated with payments to mismatching names and account details
- ensure quality Automated Clearing House (ACH) transactions with fewer failed payments
- meet the requirements of Nacha’s WEB Debit Account Validation Rule.
facilitates the accurate setup, routing and processing of payments. This payments API can be used anywhere that payments data needs to be checked and improved, including customer-facing products, business applications and core systems.
Nacha governs the thriving ACH Network, the payment system that drives safe, smart and fast Direct Deposits and Direct Payments with the capability to reach all U.S. bank and credit union accounts. Phixius is Nacha’s trusted peer-to-peer network, where businesses can exchange and verify payment-related information securely, instantly, and across multiple payment types.
Bankers Almanac® Validate™ Safe Payment Verification
makes safe payment verification effortlessly achievable and more extensive than ever before.
George Throckmorton, Managing Director, Strategic Initiatives and Network Development, Nacha
: “Partnering with LexisNexis® Risk Solutions further safeguards payments data, enabling participants in the Phixius network to build on their efforts to reduce fraud around ACH payments.”
Cindy Printer, Director, FCC and Payments Market Planning, LexisNexis Risk® Solutions
: “We are delighted to partner with Phixius by Nacha as we work together to significantly mitigate payments fraud in ACH transactions. We look forward to our customers experiencing our instant, secure and accurate solution for verifying bank account number and name ownership.”
Supercharge Your Safe Payment Verification Today
Experience enhanced safe payment verification and raise payments efficiency and performance to the next level. Find out more about Bankers Almanac® Validate™ Safe Payment Verification
1 LexisNexis® Risk Solutions True Impact of Failed Payments
2 5 Payments Trends to Watch in 2023