Hi all
From what little i have read , it will become mandatory for all web ACH transaction to have some kind of validation of bank account numbers before processing of transaction. This rule also applies for direct debit transactions.
Have any of your organizations implemented any solution for validating bank accounts. Are you using real-time API with web portal for this functionality or is there another approach.
In our current process there is no pre-validation of bank accounts. We are processing Direct/Debit & one time ACH using payment run FPY1 & the payment file is sent to our bank for processing.If the accounts nos are not found , the bank send us a file with returns with reason for returns & we post return lot & send return notice to customer. So any errors get corrected only after payment processing.
Is there any functionality in SAP that can be used for bank account validation ?
I came across 3 approaches frequently mentioned for validating bank account of customer
- An ACH prenotification
- ACH micro-transaction verification
- Commercially available validation service
Appreciate if you can share your experiences & provide guidance
Regards
Satish
Bluesky
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