CHICAGO, Nov. 21, 2024 (GLOBE NEWSWIRE) — 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.
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.
“Partnering with GIACT marks a significant step in Bectran’s commitment to streamlining credit risk management,” comments Bectran’s CEO, Louis Ifeguni. “Identifying potential ACH fraud automatically and reliably gives departments a profound additional security in their decisioning.”
Know Your Business
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 — garnering quick approvals.
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 Some services use outdated databases to check account funding and standing.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.
Protect It Automatically
With GIACT, Bectran provides users leading coverage for account verification and ACH fraud prevention. GIACT’s 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.
Bectran utilizes GIACT to give creditors two layers of account validation. The first verifies each account’s 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’s information when available, which can help catch applicants using stolen bank account information.
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’s 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.
“GIACT brings the trustworthiness of the London Stock Exchange Group to credit departments using ACH,” says Ali Kidwai, Product & Implementation Sr. Manager, Bectran. “You can move through credit reviews faster and more securely, trusting that bank accounts are verified thoroughly.”
Learn more about Bectran’s partnership with GIACT, and about Bectran’s full fraud prevention suite, at Bectran.com.
About GIACT
GIACT is part of the London Stock Exchange Group, one of the world’s leading providers of financial markets infrastructure. GIACT’s 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’s integrated bank database and open banking solution, businesses can verify accounts, safeguard payments and reduce unauthorized returns — all in real time.
About Bectran
Bectran is 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 Bectran.com to learn more about financial solutions for your industry.
