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Sardine at Nacha Conference

Come hangout with me and some colleagues at Nacha's conference next week in Vegas!

We don't have a booth, but we’re excited to meet payments, fraud & compliance professionals and chat about any of the following topics:

🏦 Our new BaaS operating system

Monitor all your fintechs KYC/AML policies and transaction monitoring from one dashboard. We just published a blog announcing the launch of this product (I’ll link in the comments).

💸 Instant Guaranteed ACH

ACH is increasingly being used for things it wasn’t designed for e.g. loading money into a digital wallet – neobanks such as Chime, brokerages such as Robinhood, or crypto exchanges such as Coinbase.

In all these cases, you can create an online account in minutes, but you are stuck loading money for days because of ACH’s batch settlement.

At Sardine, we offer a guaranteed ACH money movement product, where we take on the fraud risks associated with ACH transfers. We take on both unauthorized return risk (R10, etc) as well as settlement risk (NSF return codes like R01). For the least risky users, we also make some fraction of their funds available instantly. Our instant guaranteed ACH product is backed by our behavior-infused fraud prevention platform which uses 1000s of data points about consumer behavior & device information combined with data from 30+ data partners about their various forms of identities – phone, email, social media, bank, bureau, etc.

🏃‍♂️ Faster payments means faster fraud

Stop scams in RTP or Zelle. Scammers often get info from victims on phone calls, by convincing them to install remote access sharing tools (TeamViewer, etc), or having them record their screen and take screenshots.

Sardine detects all of these in real-time and can stop a bad payment from leaving the victim's account. Read more here in this blog.

💀 Fight ACH fraud including ACH friendly fraud

Friendly fraud in ACH debits especially when funding a digital wallet has ballooned quite a bit.

To keep ACH working well for everyone, the industry will need to work together. Come talk to us about what we are doing here.

We, together with a group of other fintechs, brought this to Nacha's attention and are super excited that Nacha updated its sample Written Statement of Unauthorized Debit (WSUD) form.

They added the following:

“Any intentional attempt to obtain money from a financial institution by misrepresenting whether a transaction was authorized may result in the imposition of fines up to $1,000,000, or imprisonment up to 30 years, or both under the provisions of Federal law (18 U.S.C. §1344).”

🐟 Our new ACH fraud consortium

ACH kiting fraud has increased significantly.

A fraudster can connect their bank account to multiple fintechs and load money into all of them.

Similar to what the industry had to do to stop Check kiting fraud, we need to work together here.

Sardine’s launching a consortium to bring together banks, fintechs and payment processors. I’ll put a longer explanation of the consortium in the comments.

If you’re around, come chat with us if you’re interested in learning more about Sardine, the consortium, or really anything related.

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About the author
Soups Ranjan
Co-Founder, CEO