Per NACHA Rules and Regulations, account verification accompanied by a commercially reasonable fraud detection system is required to process any web-initiated ACH payment. To process payment instantly, account verification requires the sending bank to share account information electronically in real-time. Considering the complex nature of the United States banking system (over 10,000 banks), some banks have either opted-out or lack the technical capabilities to share this data thus preventing immediate verification for digital ACH payments. Today, this represents roughly 15% of banks.
Payload's proprietary Enhanced Verification Services is designed to close this gap. For payments initiated from banks where instant account verification isn't possible, Payload initiates the payment as Authorized then conducts manual verification on the back end automatically through a 'silent' micro-deposit method. Customers can expect a simultaneous micro credit and debit to their account and as long as these clear, or settle, their account is considered 'verified' and the original payment will automatically change from Authorized to Processed then follow the normal funding schedule. To allow time for micro settlement and verification, please allow 1-2 extra business days compared to instantly verified payments.