Credit union expands business service offerings with positive pay solutions that empower members with greater control over accounts
According to Experian’s 2018 Global Fraud and Identity Report, 65 percent of businesses have experienced the same or more fraudulent activity compared to the previous year, making it critical for financial institutions to empower their corporate account holders with greater control to combat fraud and the financial risks associated with it.
By arming business members with actionable treasury management solutions that are supported by interactive fraud prevention tools, financial institutions can empower business members to proactively prevent check fraud and dispute unauthorized ACH debits in a timely manner, before the funds ever leave their account.
This is exactly what East Lansing, Mich.-based Michigan State University Federal Credit Union did.
Michigan State University FCU Implements ACH Alert’s PRO-TECH
To strategically enhance the security of their business members’ accounts, MSUFCU implemented ACH Alert’s PRO-TECH solution, a real-time debit approval process that triggers an actionable alert when an ACH debit hits the member’s account, allowing the member to stop unauthorized transactions immediately.
ACH Alert’s rules-based positive pay solution enables members to quickly and easily identify trusted trading partners to automatically populate an ACH debit filter for future transactions, eliminating the need to maintain ACH blocks and legacy, labor-intensive ACH debit filters. Users can also decide who will be alerted when an ACH debit arrives, as well as what conditions should prompt an alert. Rapid advances in mobile and online technologies have enabled real-time delivery of notifications through multiple channels, prompting the member to identify and dispute unauthorized transactions same day without a negative financial impact.
Credit Union Also Taps ACH Alert for its PRO-CHEX
Additionally, MSUFCU implemented ACH Alert’s PRO-CHEX, an end-to-end check positive pay solution to compete for commercial business. PRO-CHEX ingests capture and issuance data, creates and presents exceptions, alerts for exceptions, accepts pay/no pay decisions and delivers a disposition file or report detailing processing return instructions.
With this end-to-end check positive pay solution, MSUFCU can easily create and present exceptions, which then prompts an actionable alert to the member, who can approve or deny the transaction. Moving forward, ACH Alert’s solutions will drive more operational efficiencies by making the transaction dispute process less manual for credit union employees and their members.
MSUFCU Realizes Tremendous Value for Business Members
Using ACH Alert’s PRO-CHEX and PRO-TECH positive pay solutions, MSUFCU offers its business members patented automated fraud prevention technology to arm themselves against unauthorized checks and ACH debits. This also expands MSUFCU’s business services, supporting the credit union’s future growth in the commercial space.
Specifically, since the implementation of ACH Alert’s technology, MSUFCU has:
- equipped members with the tools necessary to combat check and ACH debit fraud same day;
- enabled members to proactively fight fraud by allowing them to make pay or no-pay decisions immediately, instantly stopping unauthorized ACH debits and check payments;
- created a better member experience by empowering members to take action against unauthorized transactions right from their phone or desktop, providing greater convenience and control over their accounts and positioning MSUFCU as a valuable partner for their business; and
- monitored more than $8.5 million across its business members’ accounts with ACH Alert’s PRO-TECH and PRO-CHEX solutions in the initial pilot phase of just seven months.
To learn more, download the full case study, “Michigan State University Federal Credit Union Monitors More Than $8.5 Million in Seven Months with ACH Alert’s Fraud Prevention Technology,” here.