US-based financial data platform MX has become a Nacha preferred partner for risk management and fraud prevention. In becoming a Preferred Partner, MX joins a select group of innovators that Nacha recognises for offering products and services that align with Nacha’s core strategies to advance the ACH Network.

MX’s open finance APIs enable financial data aggregation so consumers can reliably connect their financial accounts. In doing so, MX collaborates with thousands of organisations, enabling identification and instant account verification (IAV). This alliance makes the account opening process easy, while improving the data sharing experience for financial institutions, fintechs, and other third parties, on behalf of the consumer.

MX’s officials explained that they seek to guarantee that people can not only access and understand their finances, but also have peace of mind. A vibrant ACH Network ensures secure and reliable access to financial data that comes from having solid risk management and fraud prevention capabilities in place. Same Day ACH usage increases Continuing a trend which began before COVID-19, and accelerated during it, B2B volume rose 12.

3% in the second quarter of 2022, with 1. 5 billion payments. The third quarter of 2022 was the first in which the Same Day ACH dollar limit was USD 1 million per payment, following the increase on March 18, 2022.

There were 185 million Same Day ACH payments transferring USD 486 billion in the second quarter, with respective increases of 24. 4% and 94. 4% over the same timeframe in 2021.

More information on Nacha The National Automated Clearing House Association (Nacha) governs the ACH Network, the payment system that drives fast Direct Deposits and Direct Payments with the capability to reach all US bank and credit union accounts. More than 29 billion ACH Network payments were made in 2021, valued at close to USD 73 trillion. Through problem-solving and consensus-building among diverse payment industry stakeholders, Nacha advances innovation and interoperability in the payments system.

Nacha develops rules and standards, provides industry solutions, and delivers education, accreditation, and advisory services. .