Onboarding ACH Originators
Online Account Opening and the Consumer Originator
As financial Institutions (FIs) grow their product and service offerings to meet the needs of their account holders, they must also consider the related risks and potential for fraud. Knowing your customer and assessing their risk profile is important for consumers and companies alike. When your consumer account holder is allowed to open a new account online and/or send ACH transactions to an account at another FI, they are acting as an ACH Originator. We address common ODFI oversights and best practices for loss prevention and risk mitigation when the consumer becomes the Originator.
ODFI Responsibilities: Originating WEB and TEL Entries