QFD’s new ACH features include verbal attestation for WSUD compliance
East Lansing, MI – January 30, 2024 – Quavo, Inc. announced the release of new automated ACH capabilities to its cloud-based dispute management platform, QFD® (Quavo Fraud & Disputes). These enhancements include additional claim reasons in the intake questionnaire, as well as innovative verbal attestation functionality for WSUD compliance. This announcement follows the SaaS company’s recent product enhancements to the RTP®, Zelle®, and Bill Pay dispute investigations.
“We want to reduce account holder friction as much as possible. For ACH, the process is cumbersome for consumers, with banks requiring physical or digital signage signatures,” said Quavo’s CTO and Co-Founder David Chmielewski. “We poured over Nacha regulations and developed a verbal attestation solution where account holders aren’t bothered by manual signature requirements. Quavo reimagined ACH requirements for the automated back-office operations needed to support account holders today and in the future. And this is only the beginning.”
Quavo’s first client to go live with this enhanced ACH functionality completed its first automated return on August 12, 2023. Since then, the top 25 bank completed 12,436 returns and recovered $7.69 million in funds without human intervention.
Quavo’s latest product release includes enhanced intake questionnaires and additional claim reasons to support back-office ACH investigations. Back-office operations are completely streamlined with automated return capability, enabling straight-through processing on ACH disputes. Additionally, QFD® now features a new signer disclosure allowing verbal attestation during claim intake. When enabled, QFD® prompts agents to read a disclosure to the cardholder, thus satisfying the WSUD requirement by Nacha without requiring a signature.
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