MicroBilt has made its mark on the first ever PYMNTS.com Innovator Awards presentation, gaining recognition for Risk Verify Database (rVd), an innovative and revolutionary change to the ACH processing market.
PYMNTS.com received over 130 entrants from leaders in the payments industry such as PayPal, and narrowed the field to 19 finalists at the awards presentation on August 15th. Risk Verify was awarded the bronze honor in the “Most Invisible” category, recognizing the database’s enormous behind-the-scenes impact on ACH transactions.
With rVd, MicroBilt aims to turn the online payment industry on its head, making ACH the most prevalent transaction method on the internet. The database is a third-party source of industry-wide ACH transaction history, combined with MicroBilt’s extensive consumer data. By matching MICR numbers to the account owner’s name, account history, and consumer credit profile, rVd eliminates fraud and mistakes to greatly reduce ACH transaction costs.
“To this point, credit cards have dominated online payments for one simple reason,” says MicroBilt Director of Strategic Development Dave King. “A very accurate authorization system is in place to insure that a merchant or biller will be paid if the transaction is authorized, but this comes at a very high price. Risk Verify brings the same level of confidence to ACH, but at a much lower cost.”
The award is an impressive achievement for Risk Verify Database, as its’ effect on the market is still in the early stages. As more ACH processors join the database, rVd’s fraud prevention standards continue to increase over time.
“This is really only the tip of the iceberg,” says Senior Vice President of Business Development Arnold Feinberg. “Ultimately, rVd is a master plan to change the entire landscape of online payments. And that part is still to come.”
MicroBilt is the leader in serving businesses with data and tools that they need to manage risk and make informed lending and hiring decisions. MicroBilt offers simple, cost-effective solutions for fraud prevention, consumer financing, debt collection, and background screening. With its PRBC® Consumer Report with alternative credit score, MicroBilt is the leading provider of alternative credit data to businesses that want to offer credit and other financial services to the over 100 million underserved consumers in the United States. For more information, visit www.MicroBilt.com