Comply – Making Reg E and NACHA easy
We are excited to announce the launch of our new product, Comply. Comply was developed to solve the issue that a majority of us face on a daily basis, complying with NACHA and Regulation E.
The CFPB’s Office of Supervision determined that the majority of our industry doesn’t secure written authorization prior to recurring ACH or debit card transactions. Chasing down the consumer to either fax, email or mail back an authorization for payments that they already approved can be challenging.
The success rates of all 3 combined forms of verification (fax, email or mail) are less than 23%. When you allow the consumer an easy way to E sign a form confirming their payments, the success rate jumps to over 74% on the first notice going out and 96% after reminders are sent.
COMPLY works as follows:
- The consumer sets up recurring transactions with your agent
- Your agent explains that they need to confirm the arrangement and asks them what form of authorization they would prefer. The agent can offer 4 options with COMPLY.
- EMAIL – The consumer will get an email that takes them to our website where they confirm the arrangement.
- TEXT – The consumer will get a text message that will take them to a mobile browser for them to confirm the arrangement.
- LIVE – The agent will give the consumer a web address and will walk them through a live authorization
- PAPER – The agent will print the PDF form from COMPLY and will send it to the agent
- COMPLY tracks and records all levels of authorization including the IP address and time that they give the authorization.
- The consumer is given a PDF of their authorization once they have authorized.
- The agent has the ability to know when someone has confirmed.