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.

Authentication is the strongest weapon against fraud. We bring real-time payer/payee authentication to ACH payments by leveraging online banking authentication, without ever storing or sharing consumer credentials. Additional steps we take against fraud include:

• Presenting financial institutions’ login steps precisely;
• Triggering a financial institution’s second-factor authentication process flow if our systems detect potential fraudulent activity targeted at that financial institution;
• Flagging suspicious transactions for review based on recency, frequency and monetary criteria including velocity, IP address and fingerprint; and
• Blacklisting IP addresses and fingerprints from identified sources of 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:

• URL of this page within the origin HTTP header; and
• X-Forwarded-For with the IP address of the consumer using PayWithMyBank so that you may enforce your fraud detection rules based on consumers’, not PayWithMyBank’s, IP addresses.

We welcome your recommendations on additional steps we should take to prevent fraud.

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.

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.