Using positive and negative status information contributed directly from financial services organizations (FSOs), Teletrack now offers access to bank validation to help reduce the risk associated with accepting checks and ACH payments. This service is a valuable source of account information that can help verify the existence of an account and assess the potential risk associated with processing an item.

The service is unique in that it uses data contributed daily by the majority of financial services organizations in the U.S. This data includes account, stop-payment and outgoing return data on contributing FSO accounts. It also includes Scored Accounts data, derived from millions of transactions associated with the accounts of non-participating institutions. For items drawn on these accounts, a predictive score is delivered, indicating the level of risk.

For checks accepted online or in person, MICR information is extracted and transmitted. Bank routing number, account number, check number and dollar amount are compared to current information provided directly from paying organizations. Positive and negative results are provided in a real-time response to Teletrack. Teletrack translates these responses in an easy to read format to help you decide whether you wish to proceed with the transaction.

Teletrack will return one of five possible bank statuses - Very High, High, Moderate, Low or No Hit. Each status translates to specific responses provided by the issuing bank. For example, a status of Very High indicates that the account is closed, pending closed for cause or invalid.  A status of Low indicates that the account is open and has a positive balance.