CapitalMark Offers ACH Alert’s Fraud Detection Service to Businesses

Chattanooga-based CapitalMark Bank & Trust has entered into an agreement with technology provider, ACH Alert, to provide CapitalMark’s customers real-time, actionable alerts when an automated clearing house (ACH) debit is presented for payment.

ACH debits (often referred to as direct debit) have always been withdrawn automatically when presented electronically to a financial institution. The rules that govern the ACH payment network require the receiving institution to post the transaction, with the assumption that it was validly authorised. Until now, financial institutions haven’t had technology that would allow a consumer to verify the validity of the debit when it arrives and the limited technology available to protect commercial depositors has typically been used by only the largest financial institutions and offered to only the largest commercial clients.

CapitalMark’s technology investment provides protection to commercial, small business and consumer depositors. Depositors of CapitalMark that elect to subscribe to the service will receive an alert via email, SMS text or phone call when an ACH debit arrives. If the debit is good, no action is required. If the debit was not authorised, the technology allows the depositor an automated method to return the debit immediately. The service will be offered to depositors from 1 May 2010.

“CapitalMark continues to explore new technologies to make our products and services more convenient and secure. We are excited to be the first to partner with ACH Alert to offer our clients the additional protection provided by this very innovative service,” said Barry Rich, CapitalMark’s chief financial officer (CFO) and operations head. “We are always working to ensure the products and services we offer match the clients’ expectations not only related to convenience, but also safety and security.”


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