Financial Institution Overview
Thank you for visiting PayWithMyBank, Inc., a Delaware corporation with a principal place of business in the Silicon Valley at 2000 Broadway Street, Suite 250, Redwood City, CA 94063. The purpose of this page is to give you an overview of what we do so that we may work together to eliminate ACH fraud.
What is PayWithMyBank?
PayWithMyBank’s mission is to eliminate fraud and NSF from ACH to make ACH a mainstream e-commerce payment option. With the familiar user experience of signing into online banking, our technology verifies an end-user’s identity, bank account number, balance and history in real-time—all without leaving the merchant’s website. We were founded in 2012 by a proven payments entrepreneur, are backed by institutional investors, and the former President of American Express’s Consumer Card Group is our Chairman.
What steps does PayWithMyBank take to prevent ACH fraud?
To help your IT and Risk departments identify our traffic, all requests from PayWithMyBank to your website can be modified to include easily identifiable metadata:
We welcome your recommendations on additional steps we should take to prevent fraud.
How does PayWithMyBank protect consumer data?
We do not save or share consumers’ online banking passwords. On behalf of consumers who have authorized us to access their bank accounts, we retrieve information that enables us to verify their identities and initiate authorized ACH transactions. A consumer may choose to “remember my username” in our user interface, but we never store or share passwords nor answers to security questions. Please visit our security page for additional information.
How can PayWithMyBank help a financial institution?
We welcome the opportunity to provide our VerifiedACH™ technology at no cost to your financial institution. For additional information about our financial institution partner program, please visit us here.