October 7, 2020
Please contact your account manager for information about feature availability and enabling and testing new features.
1. Prime Rails
1.1 ACH volume limits per Organization
ACH volume limits reduce fraud and NSFs by limiting the dollar amount of ACH transfers per Organization. Reg E requires a 21 day notice to end-users before limits are “changed” (does not apply to first time establishment of limits) unless the change is made for the security of the account.
The feature enables the Funds Transfer API to:
Retrieve the historical activity for a given funds transfer method’s fingerprint for a given organization
Add the atts[:amount] to each of the periodic sums
Check to see if any of those sums exceed the limits defined in the account policies
If any limits are exceeded, response 422
is returned with an appropriate error code. If the funds transfer method is included in the explicit allowlist, checks will not be performed.
New error codes in Funds Transfer API:
ACH24HourLimitExceeded
ACH7DayLimitExceeded
ACH30DayLimitExceeded
New account policies include:
max_ach_contribution_amount_per_fingerprint_last_24_hours
max_ach_contribution_amount_per_fingerprint_last_7_days
max_ach_contribution_amount_per_fingerprint_last_30_days
The amounts are calculated per fingerprint per organization.
The POST /v2/contributions
method will now return one of the three new error codes indicating overages.
1.2 Alphanumeric postal codes for wire details
This feature enables Cloud Prime Trust users to include alphanumeric postal codes for wire details beneficiary addresses when specifying a non-US country. Addresses for US beneficiaries still validate only numeric digits.
1.3 Check name for ACH using Plaid identity
Introduces a switch to enable name checking using Plaid identify with Funds Transfers API.
If turned on for an Organization, when adding a Plaid ACH funds transfer method, the check retrieves the account owner name using Plaid Identity and validates that the first name and last name match the name of the Contact.