It’s time to find out what your bank account validation is missing

From consumer friction to avoidable returns, traditional bank account validation tools may be costing your business. Here’s how a revolutionary new ACH technology is changing the equation.

With same-day ACH payment volume topping the 1 billion mark in 2024 and continuing to rise, ACH payments are viewed by both consumers and businesses as a relatively safe, cost-effective, and compliant way to make online transactions.

You might even say they’re taken for granted. And that can be a problem.

Many companies do not measure or monitor the performance of their account validation services. If they did, they would see that while success rates may be high, failure rates remain expensive. Each invalidated or incorrectly validated transaction represents a direct cost, downstream expenses, workflow disruption, manual remediation, and potentially customer abandonment.

Multiply that by the annual volume of online commerce, and the value of more efficient bank account validation quickly adds up.

Breaking the "fat-finger code" to dramatically reduce admin returns

As a fintech leader in machine learning and predictive analytics, Accelitas set out to literally “break the code” in ACH transactions, developing a patented mathematical model that deciphers how U.S. financial institutions format and structure their accounts, allowing its Ai Validate Bank Data (BD) service to automatically identify and filter invalid bank routing and account number combinations. Our clients’ results speak for themselves.

By eliminating these common R03/R04 Nacha return codes at the very 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.

Three Keys to Bank Account Validation (BAV) Success 

Ai Validate BD is designed to deliver a more comprehensive BAV solution for today’s online businesses, including three distinct advantages:

1. Comprehensive Coverage: Ai Validate BD instantly validates 100% of U.S. bank accounts, significantly reducing the most common Nacha return codes (R03 and R04). This real-time, comprehensive coverage ensures fewer payment disruptions, minimizing customer frustration and operational inefficiencies, and directly addressing critical pain points identified by Nacha.
2. Superior ROI with Targeted Optimization: By strategically targeting and eliminating common ACH return codes, Ai Validate BD optimizes your resources, reducing both hard costs (manual corrections and transaction fees) and soft costs (customer dissatisfaction and lost opportunities). 
3. Enhanced Customer Experience: Ai Validate BD leverages predictive analytics and ML-driven scoring to deliver rapid account validation within your existing workflow. Streamlining onboarding and checkout processes enhances customer experience, minimizes transaction drop-off, and supports consumer choice, safeguarding revenue and customer loyalty. 

So, how does a free bank account validation data test sound?

If you haven’t given much thought to your automatic bank account validation, this is a great place to start. Let Accelitas give you a free bank account validation data test to find out how Ai Validate BD can deliver just what your online business has been missing.