ACH remains a popular payment method for B2B finance operations. At the same time, ACH is one of the most commonly and easily defrauded forms of payment. Victim organizations risk significant losses, compromised reputation and possible legal consequences.<\/p>\n\n\n\n
Bectran, Inc., the credit, collections and accounts receivable platform leading the way in fraud prevention, has partnered with GIACT, part of the London Stock Exchange Group and the leader in helping companies positively identify and authenticate customers, to offer robust, persistent protection against ACH fraud for credit departments.<\/p>\n\n\n\n
\u201cPartnering with GIACT marks a significant step in Bectran\u2019s commitment to streamlining credit risk management,\u201d comments Bectran\u2019s CEO, Louis Ifeguni. \u201cIdentifying potential ACH fraud automatically and reliably gives departments a profound additional security in their decisioning.\u201d<\/p>\n\n\n\n
Know Your Business<\/strong><\/p>\n\n\n\n Many credit departments collect ACH forms on their credit applications. Requests backed by valid bank accounts should represent a lower risk, making decisioning quick and more confident. Without verification, though, unstable or stolen bank account information can easily pass as trustworthy \u2014 garnering quick approvals.<\/p>\n\n\n\n While such ACH fraud has historically been associated mostly with consumer transactions, more and more scammers have begun targeting B2B credit, lured by the high-dollar transactions and relative ease of ACH forgery. Even departments that do verify ACH may still be vulnerable. Some services use outdated databases to check account funding and standing. Few services include the ability to match applicants to account owners, meaning applications could be approved based on stolen credentials.<\/p>\n\n\n\n Protect It Automatically<\/strong><\/p>\n\n\n\n With\u00a0GIACT, Bectran provides users leading coverage for account verification and ACH fraud prevention. GIACT\u2019s real-time account checks keep credit reviews and customer experience running smoothly. At the same time, as part of the London Stock Exchange Group (LSEG), GIACT has access to the largest bank account database in the US, giving credit departments more confidence and security in their decisions.<\/p>\n\n\n\n Bectran utilizes GIACT to give creditors two layers of account validation. The first verifies each account\u2019s status, indicating whether the account is open and whether it has any risk indicators such as recent returns or insufficient funds notices. The second attempts to authenticate the account, comparing the applicant information with the account owner\u2019s information when available, which can help catch applicants using stolen bank account information.<\/p>\n\n\n\n Bectran combine these checks and presents them seamlessly in the credit workflow, aiding departments in protecting their businesses. Bectran automatically flags transactions indicated by GIACT as high-risk and provides a report of GIACT\u2019s findings on each application. Backed by Bectran and GIACT, credit departments can more quickly and confidently identify safe accounts while assessing risky transactions with more reliable and complete information.<\/p>\n\n\n\n \u201cGIACT brings the trustworthiness of the London Stock Exchange Group to credit departments using ACH,\u201d says Ali Kidwai, Product & Implementation Sr. Manager, Bectran. \u201cYou can move through credit reviews faster and more securely, trusting that bank accounts are verified thoroughly.\u201d<\/p>\n\n\n\n Learn more about Bectran\u2019s partnership with GIACT, and about Bectran\u2019s full fraud prevention suite, at\u00a0Bectran.com.<\/p>\n\n\n\n About GIACT<\/strong><\/p>\n\n\n\n GIACT\u00a0is part of the London Stock Exchange Group, one of the world\u2019s leading providers of financial markets infrastructure. GIACT\u2019s account and identity verification solutions enable businesses to verify accounts quickly and seamlessly so that they and their customers can transact with confidence. With GIACT\u2019s integrated bank database and open banking solution, businesses can verify accounts, safeguard payments and reduce unauthorized returns \u2014 all in real time.<\/p>\n\n\n\n About Bectran<\/strong><\/p>\n\n\n\n Bectran\u00a0is the premier SaaS platform for Finance Departments, akin to CRM for Sales. Trusted by diverse organizations, from SMEs to Fortune 500 companies, we streamline credit processing by over 98%, reducing credit defaults and collection costs. Many businesses rely on Bectran for efficient Accounts Receivable and Collections management, achieving up to 95% cost savings. With rapid onboarding in days, our platform is hailed by credit professionals as the future of credit management. Visit\u00a0Bectran.com\u00a0to learn more about financial solutions for your industry.<\/p>\n","protected":false},"excerpt":{"rendered":" ACH remains a popular payment method for B2B finance operations. 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