Risk Verify Database - rVd
The Risk Verify Database is a revolution in ACH processing. For the first time ever, businesses using and processing ACH payments can accept payments based on substantive, meaningful, instant information about the customer and the account being used.
Today’s technology changes by the minute, but the last decade has produced shockingly little progress in the development of ACH payment processing. Today’s MICR-based verification systems do little more than verify the existence of a checking account. This leaves plenty of room for fraud and inaccuracies, particularly in customer-not-present environments such as online transactions.
Now, with this new game-changing database, when processing ACH payments, you’ll know:
How is the score calculated?
- Who actually owns the account and if it belongs to the person who wants to use its funds.
- If other businesses, besides your own, have had trouble with this account.
- The credit history of the account’s owner and a risk score based on up to 7 years of consumer information.
- A full consumer history drawn on data including suits, liens, judgments, bankruptcies, payday loan history, car loan history, magazines and club subscriptions, collection matters, property records, financial demographics and more. Risk Verify draws on over 115,000 data sets to find the information that is most relevant and customized to your specific business.
- Changes in account status and credit profile via automated tracking.
- How to recover failed transactions and report negative history with an account.
- Decision-critical information in real time. Not tomorrow. Not in an hour. But when you need it . . . which is NOW.
As a credit reporting agency under FCRA, MicroBilt’s secure systems have been providing MICR-based risk management services with a focus on online and alternative lending for more than 15 years. In fact, MicroBilt is one of the largest reporting repositories of MICR data, with access to nearly one billion real-time consumer account records linked to banks, lenders and other financial institutions.
Don’t be left out there on your own. Our shared database pools information from processors, billers and third party senders—and dramatically reduces fraud risk for all. The increased security in processing is the first step toward making ACH competitive with credit cards in online payments. When you join the Risk Verify Database, you become part of a revolution that’s been long overdue.
Revolutionizing your business begins the moment you say three simple words…
"Sign me up."