MDT Expands Partnership with Advanced Fraud Solutions to Help Credit Unions Comply with WEB Debit Account Validation Rule

FARMINGTON HILLS, Mich.–(BUSINESS WIRE)–Member Driven Technologies (MDT), a CUSO that hosts the Episys^® core processing system from Symitar^® to present a non-public cloud various for core processing and IT wants, at present introduced that it has expanded its partnership with Advanced Fraud Solutions (AFS), a number one supplier of funds fraud detection software program, including TrueACH® with Account Validation and TrueCards® to MDT’s suite of complementary options. These instruments will assist credit score unions reduce the chance of fraud and assist comply with Nacha requirements.

TrueACH with Account Validation is designed to help credit score unions in complying with Nacha’s WEB Debit Account Validation Rule. The rule, which can be formally enforced on March 19, 2022, mandates ACH originators to validate accounts for ACH WEB transactions. By leveraging TrueACH with Account Validation, MDT’s credit score union shoppers can be in a position to extra simply verify the account standing and account proprietor or licensed person(s) on an account. By providing this in addition to TrueCards, an omnichannel credit score and debit card fraud prevention answer, MDT will assist its credit score union shoppers reduce the chance of trending fraud schemes equivalent to account takeover, software fraud and transaction fraud.

“Regulation is driving vital adjustments and our method to compliance has had to evolve; one of many important causes we selected MDT as a companion was their skill to nimbly adapt,” mentioned Troy Garvin, CEO of OMEGA FCU. “Their dedication and dedication to their credit score union shoppers is mirrored in partnerships with organizations equivalent to AFS.”

Garvin added, “When we transformed to MDT final November, we knew that account validation was possible to expose and assist us handle fraud. Now with the brand new Nacha guidelines being carried out, we’re assured that we’ve got a dependable companion that retains an in depth pulse on developments within the business and can assist us higher navigate regulatory adjustments. The query CEOs want to ask is, ‘do I’ve a companion like MDT who’s at all times looking for my greatest curiosity?’”.

TrueACH with Account Validation triangulates ACH account info towards AFS’ cooperative database. With the answer, MDT’s shoppers can obtain real-time responses on if the account exists and is in good standing; if the account is returning transactions; if the account is closed, non-sufficient funds (NSF), or at high-risk standing; when the account has a stop-payment; and if the particular person is allowed to transact on the account.

“Our options assist credit score unions comply with Nacha’s rule, higher defend their members in addition to present sooner funds availability and sooner checking-to-checking and checking-to-savings transactions, enhancing the member expertise,” mentioned Ted Kirk, VP of Strategic Partnerships at AFS. “Through increasing our partnership with MDT, we’ll have the option to help extra credit score unions with this essential initiative, serving to them make sooner funds safer and fewer inclined to fraud.”

“As sooner funds proceed to develop into extra prevalent, fraudsters have gotten extra energetic within the area,” defined Larry Nichols, president and CEO of MDT. “It’s crucial that credit score unions acknowledge the sense of urgency to meet the Nacha WEB Debit Account Validation rule, to not solely correctly comply however to higher defend their members as nicely. By providing TrueACH with Account Validation and TrueCards, to our credit score union shoppers, they are going to be in a position to strengthen anti-fraud measures and make sure that funds land within the right account, main to a safer, improved member expertise.”

About Advanced Fraud Solutions

Advanced Fraud Solutions was based in 2007 with the straightforward mission to assist monetary establishments forestall fraud in real-time by using our complete non-public cloud-based software program options on the frontline and within the again workplace. Every day, our progressive fraud prevention instruments assist banks and credit score unions of all sizes eradicate losses and safeguard their monetary property, offering the extent of safety that at present’s clients demand. At Advanced Fraud Solutions, we all know one of the simplest ways to battle fraud is to forestall it. Learn extra at Advanced Fraud Solutions.

About Member Driven Technologies

Member Driven Technologies (MDT) supplies a non-public cloud various for core processing and IT wants. The CUSO hosts the Episys® core platform from Symitar®, in addition to dozens of seamlessly built-in options and supporting companies to assist run your entire establishment, equivalent to digital banking, funds, lending, cybersecurity and imaging. Rounding out its complete suite, MDT additionally affords enterprise continuity, catastrophe restoration and regulatory options in addition to consulting, knowledge analytics, electronic mail internet hosting and {hardware} buying companies. By partnering with MDT, credit score unions throughout the nation are boosting efficiencies, enhancing safety and decreasing prices whereas sustaining a excessive degree of management. Visit mdtmi.com or observe @memberdriven for extra info.