Vesta & Plaid partner to extend zero-fraud-liability guarantee to ACH payments
By Pavithra R
Vesta is a leading FinTech company and the forerunner in guaranteed e-commerce payment solutions has announced that the company has partnered with Plaid, a FinTech company democratizing financial services through technology, to integrate Plaid’s technology and launch Guaranteed ACH, a payment solution that enables online automated clearing house (ACH) payments, reducing fraud and fees incurred from nonsufficient funds.
With Guaranteed ACH, consumers can initiate a payment online using Plaid’s technology to streamline the account authentication process. Vesta’s real-time decisioning platform leveraging its data science and machine learning capabilities performs analytics and authentication to guarantee the transaction for both consumers and merchants in real-time.
“Despite the benefits, online merchants have been hesitant to embrace real-time ACH because of the underlying fear of being paid. Until now, there has been no way to know whether a user’s account contains sufficient funds at the time of purchase. Guaranteed ACH allows businesses to accept direct payments without fear, eliminating one of the major hurdles to ACH acceptance and real-time payments, while also ensuring that millions of Americans with bank accounts but no payment cards have the ability to shop online,” said Ron Hynes, CEO of Vesta.
Vesta enables ecommerce companies to grow their businesses by focusing on revenue rather than risk. By extending its pioneering zero-risk, zero-liability payment guarantee to ACH payments, Vesta intends to help online merchants to increase their profitability by facilitating the use of less costly payment method while also reaching new potential customers who may not have or may not wish to use payment cards. Besides, ACH payments incurs lower cost for merchants than traditional payment cards.
“We’re focused on democratizing financial services through technology. Broadening accessibility to and confidence in ACH payments helps advance that vision by giving consumers and merchants a secure, convenient, friction-free payment option,” said Lowell Putnam, Head of Partnerships at Plaid.
Recently, FinancialForce partnered with Gainsight & integrated Plaid’s technology.
Founded in 2012, Plaid is focused on building the enabling infrastructure for financial services that provide a secure and efficient way to move financial data, reducing fraud and providing more product and service options to consumers that can improve their transparency and control over personal financial information.
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