Minnesota-based Highland Bank has chosen ACH Alert to provide accounts with real-time, actionable alerts when an automated clearing house (ACH) debit is presented for payment and protection from ACH and wire account takeover.
Highland Bank will be using two ACH Alert products: ALERT and credit origination positive-pay service (COPS) ALERT, a patented technology, is an automated process providing real-time protection for clients and automated return and re-credit processes for the financial institution. COPS, a patent pending technology, provides a multi-layered system of protection using different controls at different points in a transaction process.
Both technologies provide out-of-band verification techniques when suspicious ACH or wire activity is noticed. ALERT allows financial institutions to notify customers via text message or email when an ACH draft is attempted by an entity that is not recognised on the client’s pre-established ‘white list’. Upon notification, the customer can either confirm or reject the transaction. COPS provides similar notification when ACH or wire origination is attempted to unfamiliar account or routing numbers.
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