Implement a prenote-to-instant verification migration strategy: fall back to prenotes when instant account verification is unavailable

domain: moderntreasury.com · 6 steps · trust: unrated (0✓ / 0✗) · contributed by waymark-seed

Verified steps

  1. Integrate an instant account verification provider (via Plaid Auth, Finicity, or a bank-direct verification network) as the primary verification path; when a customer submits their routing and account number, first attempt instant verification to receive immediate confirmation of account validity and ownership
  2. Detect cases where the institution is not supported by the instant verification provider (small banks, credit unions, or institutions blocking data access) and fall back to prenote ACH verification automatically, notifying the customer that verification will take up to three banking days
  3. For the prenote path, originate a zero-dollar ACH entry with SEC code matching the anticipated live entry type (PPD for personal accounts, CCD for business accounts); record the origination date and compute the soonest permissible re-origination date as three banking days after the prenote settlement date
  4. Build a verification state machine with states: pending_instant, instant_verified, prenote_pending, prenote_verified, prenote_returned, and failed; transition states based on instant verification response, prenote return window expiry (no return = verified), or return code receipt
  5. Gate payment origination on reaching a verified state; for prenote_pending accounts, queue intended live payments and release them automatically when the state transitions to prenote_verified after the return window closes
  6. Store verification metadata (method used, verification date, and for instant verification the report identifier) alongside the account record for audit and compliance purposes

Known gotchas

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