SWBC Selects Finicity Pay™ for Account Validation

Finicity, a Mastercard company and leading provider of open banking solutions, and SWBC, an international financial services company, announced today that SWBC will utilize Finicity Pay™ for instant account verification of online Automated Clearing House (ACH) payments to satisfy the National Automated Clearing House Association’s (Nacha) 2021 requirements for ACH transactions, which allows for stronger anti-fraud controls.

Finicity Pay, an integrated solution set of Finicity’s open banking platform, will help SWBC create a more secure ACH ecosystem through instant account verification, which verifies account status and details needed for an ACH transfer and supports the immediate execution of ACH transactions. The solution replaces older methods of verification such as micro-deposits and pre-notification. SWBC will utilize Finicity Connect, a simple, consumer-centric open banking experience, to enable their consumers to digitally authenticate and permission their bank account information to securely expedite an ACH bank payment.

“The Nacha 2021 rule is intended to provide stronger anti-fraud controls leading to a more secure payment experience,” said Finicity CEO and Co-founder Steve Smith. “Instant data verification is the best way to enable consumers to pay, get paid, or set up accounts. Our team is continually expanding our capabilities in money movement through our trusted open banking platform.”

SWBC provides financial institutions, businesses, and individuals a wide range of services, including insurance, mortgages, wealth management, employee benefits and more. Among its services, the company offers an enterprise payment solution platform for receiving payments—both ACH and card-based payments via call-center, website, interactive voice response (IVR), mobile, or cash.

“Providing secure and efficient access to the initiation of ACH payments is essential for today’s consumer,” said SWBC Vice President of Product Strategy Tucker Stovall. “Our partnership with Finicity will allow SWBC to deliver new security capabilities protecting consumers and the institutions that serve them. In addition, instant verification allows for speedy enrollment and immediate access to ACH transaction initiation, a significant improvement to the user experience.”

Nacha manages the development, administration and governance of the ACH Network, the backbone for the electronic movement of money and data in the United States. Finicity and SWBC are Nacha Preferred Partners, recognized for offering products and services that align with Nacha’s core strategies to advance the ACH Network.

Beginning in March 2021, Nacha will implement a new rule—referred to as the WEB Debit Rule—requiring businesses that debit funds via ACH for online orders to implement enhanced fraud protection through account verification.

Specifically, Nacha will require businesses to include, at minimum, account validation on first-use as part of a commercially reasonable fraudulent transaction detection system. Out of the core accepted types of verifications—manual, microdeposits, prenotes, database verification, and instant account verification—Finicity offers consumer-permissioned instant account verification that will be utilized by SWBC.

To learn more about Finicity, its data services, and its commitment to fast, reliable and high-quality data, visit www.finicity.com.

About Finicity

Finicity, a Mastercard company, helps individuals, families, and organizations make smarter financial decisions through safe and secure access to fast, high-quality data. The company provides a proven and trusted open banking platform that puts consumers in control of their financial data, transforming the way we experience money for everything from budgeting and payments to investing and lending. Finicity partners with influential financial institutions and disruptive fintech providers alike to give consumers a leg up in a complicated financial world, helping to improve financial literacy, expanding financial inclusion, and ultimately leading to better financial outcomes. Finicity is headquartered in Salt Lake City, Utah. To learn more or test drive its API, visit www.finicity.com.

About SWBC

As a diversified financial services company, SWBC provides financial institutions, businesses, and individuals a wide range of services, including insurance, mortgages, wealth management, employee benefits, and more. Headquartered in San Antonio, Texas, SWBC has partners and divisions across all 50 states and manages business around the world. No matter how wide its reach, SWBC always listens to its customers’ needs, analyzes their current situations, and recommends customized solutions. For more information about our innovative approach to personalized service, visit SWBC’s website at swbc.com.

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