Oracle Payments supports funds capture bank account transfers for both business-to-consumer and business-to-business models. The funds capture bank transfer functionality facilitates electronic transfer of payment amounts from a customer's bank account to the payee's bank account.
EFT online validations are a real time service provided by some payment systems to validate the third party payer bank account to be used in an EFT transaction. EFT online validations service ensures that the third party payer's bank account instrument exists and that there is no fraud alert. Electronic funds transfer transactions are not real time, since one or two business days are needed to complete the transaction. It is not possible, therefore to ensure that the bank account is still open and has sufficient funds. EFT online validation assists with validity checking as follows:
The validation step is an optional step for EFT transactions. It can be performed any number of times.
The validation is performed in real time.
The EFT online validation response message shares the same message standard with the credit card authorization response message for processor type payment systems.
Note: EFT online validation is only offered for United States ACH and not for all payment systems. EFT online validation checks whether a bank account exists and that the account is not flagged as fraudulent. EFT online validation does not reserve funds or check if the account has sufficient funds.