ORLANDO, Fla., April 06, 2009 – Laru, a provider of ACH risk and compliance management software applications for financial institutions, announced at NACHA Payments the company will demo some of the new features recently added to ACH ClarityÔ, an enterprise ACH risk and compliance management software, to assist financial institutions in identifying, resolving and preventing ACH fraud and compliance issues.
The new features include enhancements to Clarity’s originating deposit financial institutions (ODFI) capabilities. A new industry classification capability has been added that allows financial institutions to classify originators by SIC code (Standard Industrial Classification) or MCC (Merchant Category Code).
Additionally, a reporting feature enables a financial institution to classify originators in up to three new custom groupings including size, business type and subjective risk and produce reports by each classification. “The latest features of ACH Clarity we will be demonstrating at the NACHA Payments conference, gives a financial institution even more visibility into the quality of its ACH transactions and allows granular analysis by providing the capability to classify and monitor originators from various perspectives for enhanced risk management,” said Rajiv Donde, president of Laru.
Running as a complementary platform to an institution’s core ACH processing system, ACH Clarity monitors ACH transactions, allowing financial institution staff to view performance dashboards, run reports and manage risk exposure from originator relationships. The software alerts operators when questionable ACH transactions and risk anomalies occur and allows the operators to research and resolve transactions in a timely manner.
ACH Clarity was developed in accordance with NACHA rules and regulations as well as the Office of the Comptroller of the Currency’s (OCC) Bulletin 2006-39, which outlines key components that comprise an effective ACH risk management program and recommends that financial institutions implement stand-alone ACH audit systems.
ACH Clarity is a highly scaleable application built on Microsoft’s .Net Platform and is delivered on a stand-alone server, an enterprise hosted ASP or a SaaS subscription. System administration, report creation and direct access to application functions is provided through ACH Clarity Dashboard client workstations.
The new version of the software will be available in Q3 of 2009.
- Posted: April 30, 2009