Resulv LLC is excited to announce the launch of its new compliance product, Comply. Comply was developed to solve authorization regulations required by NACHA and Regulation E.
The CFPB’s Office of Supervision determined that the majority of the debt collection industry does not secure proper written authorization prior to recurring ACH or debit card transactions. Getting a consumer to either fax, email, or mail back an authorization for payments that they have verbally approved can be challenging. The success rate of all three combined forms of verification is less than 23%. However, when consumers are allowed to e-sign agreements, the success rate jumps to over 74% on the first notice and 96% after reminder notifications are received.
COMPLY works as follows:
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