FOLSOM, Calif., Jan. 07, 2009 — Laru, a provider of ACH risk and compliance management software applications for financial institutions, announced it introduced new versions of its ACH Clarity™ and ACH FileFox Standard™ products during 2008, to assist financial institutions in monitoring the growing volume and complexity of ACH transactions.
ACH Clarity provides an enterprise system for identifying, resolving and preventing ACH fraud and compliance issues. The software supports the needs of both originating depository financial institutions (ODFIs) and receiving depository financial institutions (RDFIs). For RDFIs, Clarity provides the means to identify high risk originating banks and the source of the offending transactions. The system can save financial institutions time needed to research customer service issues created from fraudulent ACH transactions or network violations.
In 2008, Laru launched the Software-as-a-Service (SaaS) version, which enables financial institutions to quickly and cost-effectively maximize the value of their software implementations. The introduction of SaaS into Laru Corporation’s product offering provides community banks and credit unions with the benefit of using ACH Clarity with enhanced reliability, availability and security without unexpected expenses or the need for a dedicated IT department. With SaaS, ACH Clarity software is stored on Laru’s server and accessed via an Internet connection. This functionality now provides a financial institution of any size with an enterprise ACH risk and compliance management system.
Additionally, the launch of ACH FileFox Standard has enabled businesses to originate federally compliant ACH files and verify all business rules, data formats and report issues prior to submission. ACH FileFox Standard integrates into enterprise accounting systems and complements ACH Clarity™.
“During the turbulent state of our economy, it is rewarding to know that Laru is still making a difference in ACH risk and compliance management and continuing to improve upon the products and services that we offer financial institutions,” said Rajiv Donde, president of Laru. “As we move into 2009, we anticipate more emphasis put on monitoring risk among financial institutions. We are dedicated to providing flexible, easy-to-use, affordable ACH risk and compliance software that benefits both originating and receiving financial institutions, while maintaining the integrity of the ACH Network.”
To date, Laru has signed software agreements with 28 clients using ACH Clarity and ACH FileFox.
- Posted: January 07, 2009