Chase Commerce Solutions, JPMorgan’s payment processing and merchant acquiring business, announced an alliance with Early Warning to enhance its payment quality and fraud mitigation services for payments made via the ACH network.
The newly formed strategic alliance enables that fraud mitigation process to be handled in real time, which includes real-time verification of account information. This alliance also provides better ACH processing security for both mid-market and large businesses.
This alliance also enables Chase to offer businesses the tools needed to protect their customers during each stage of the payment process, including that real-time fraud protection as mentioned above. The partnership will allow Chase to offer services from Early Warning, which include real-time Payment Chek Service, which verifies the status of a bank account. It also offers Account Owner Authentication that verifies the owner of that bank account.
“Businesses trust Chase to be by their side in every step of the payment process, and our strategic alliance with Early Warning will provide an improved customer experience through reduced non-sufficient funds (NSF) and other transaction returns while increasing approval rates,” said Kimberly Fitzsimmons, U.S. President for Chase Commerce Solutions. “By providing real-time account verification, we can continue to earn that trust from merchants and their customers. Plus, Real-time Payment Chek Service with Account Owner Authentication, coupled with our existing real-time validation process, adds to Chase’s risk protection solutions to meet our clients’ needs.”
Early Warning’s team also stressed the need for real-time verification and how Early Warning has continued to gain partners in the real-time authentication space.
“As the industry focuses more heavily on innovations in payments and even faster payment systems, the need for a solution to instantaneously and accurately verify account information has grown,” said Lou Anne Alexander, Chief Market Development Officer of Payment Solutions for Early Warning. “Early Warning was recently selected as NACHA’s Preferred Partner for account validation services, and likewise now Chase, through our Real-time Payment Chek Service with AOA, can better reduce instances in which insufficient funds or fraudulent transactions create either losses or customer frustration.”
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