(PRWEB) April 22, 2013
For four years, risk management leader MicroBilt has been working to construct an authorization tool that would change the ACH industry. The result is Risk Verify Database, a massive shared-transaction database that can identify risky or fraudulent transactions before they occur. Launched in 2012, the first results of the ambitious project are overwhelmingly positive.
“It’s the tool we’ve been waiting for to reduce ACH and Check21 errors,” says Roy Tahsin, President of FiPay, Inc., a charter member of rVd. “We’ve already seen a significant drop in our failed transaction costs, with a 20% reduction in returned items. This is a landmark accomplishment for our industry, and at this point, it’s hard to imagine why anyone would continue to process payments without the added security of rVd.”
Risk Verify Database begins by matching MICR numbers to transaction and consumer data in a growing database that currently holds 280 million consumer records. In an automated process that takes 1.5 seconds, rVd verifies the account owner, assesses risk, and returns real-time data about the account and consumer.
“ACH has the tools to lower processing costs to levels well below credit cards and other payment methods,” says Dave King, MicroBilt Director of Strategic Development. “So it’s no surprise that credit card giants like Visa and Mastercard are looking to storm into the ACH industry. MicroBilt is ready to help ACH processors get ahead by lowering their return rates now.”
“A great benefit of rVd is its effect on processor/ODFI relationships,” adds Jane Keller, rVd Program Management Director. “Reducing failed transactions is essential to this partnership, and that’s exactly what rVd does.”
For more information on Risk Verify Database, contact Dave King, MicroBilt Director of Strategic Development, at (949) 218-0906, or email Dave_King(at)microbilt(dot)com.
ABOUT MICROBILT CORPORATION:
MicroBilt is the leader in serving small businesses with data and tools that they need to manage risk and make informed lending and hiring decisions. MicroBilt offers the small business owner simple, cost-effective solutions for fraud prevention, consumer financing, debt collection, and background screening. With its PRBC® Consumer Report with the FICO® Expansion® Score, MicroBilt is the leading provider of alternative credit data to businesses that want to offer credit and other financial services to the over 100 million underserved consumers in the United States. For more information, visit http://www.MicroBilt.com.