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Hydrogen makes money movement on the platform easy and streamlined. Not only can you fund debit cards by pushing money from a paycheck via a direct deposit, but also through an automated ACH pull from one of thousands of U.S. bank accounts! This feature is orchestrated by Hydrogen in our no-code applications, saving you months of development work, and tens of thousands of dollars in costs.
The Automated Clearing House (ACH) network is a bank to bank payments rail that allows money to be moved securely from one bank account owned by an individual to a second bank account owned by an individual. This allows your cardholders to move money that is already in one of their checking or savings accounts, to the card they create using the Hydrogen no-code applications. This money is "pulled" from their bank account, meaning the cardholder doesn't have to initiate any transfer from their local banking interface. ACH is an included feature in the cost of Hydrogen's plans.
To create this automated pull from a cardholder's bank account, we must first authenticate the bank account, confirming the ownership of the account and the balance of the account. This prevents fraud and overdrafts. Hydrogen uses an automated Instant Account Verification (IAV) feed, also known as a "bank authorization" tool, to verify that an individual owns a bank account, and that there is enough money in the account to make a desired transfer. This authentication is done through Open Banking and OAuth 2.0 connectivity to major banks in the United States. This IAV connection is integrated inside the Hydrogen no-code applications, and is included in the cost of the plans.
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