Profinium Financial Selects Laru’s ACH Clarity to Monitor ACH Network Traffic

FOLSOM, Calif., Jan. 21, 2009 — Laru, a provider of ACH risk and compliance management software applications for financial institutions, announced that Fairmont, Minn.-based Profinium Financial has selected Laru’s ACH Clarity™ Software-as-a-Service (SaaS) product to monitor its growing volume of ACH transactions.

Profinium chose Laru’s technology because it provides the bank’s internal operations personnel with a user-friendly, comprehensive tool that can research, report and manage risk exposure effectively, as well as ensure compliance for the bank’s ACH pipeline.

“The implementation of Laru’s ACH Clarity enables us to expand our existing controls and decrease our levels of ACH risk exposure, while providing increased protection for our customers’ financial transactions,” said Gail Ingledew, electronic banking officer at Profinium Financial.

ACH Clarity runs as a Software-as-a-Service solution with Profinium’s core ACH processing system. The platform monitors incoming and outgoing ACH traffic between participating financial institutions. Using ACH Clarity, Profinium Financial’s deposit operations staff receives daily alerts and reports that identify pipeline anomalies. These capabilities have given the bank an automated means to identify potentially troubling transactions and efficient tools to research the source of the issues. In addition, information that historically took hours to compile is available within seconds.

“ACH Clarity is a practical yet comprehensive solution for banks like Profinium, which need a tool for proactively managing and controlling ACH risk,” said Tres Kearney, vice president of sales at Laru.

ACH Clarity was developed in accordance with 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.

The product is a highly scaleable application built on Microsoft’s .Net Platform and delivered on a stand-alone server or in SaaS format. System administration, report creation and direct access to application functions is provided through ACH Clarity Dashboard client workstations.

About Profinium Financial
Profinium Financial (Fairmont, Minn.) serves communities throughout Southern Minnesota through its three branches. For more information, visit the company’s Website at www.profinium.com.

  • Posted: January 21, 2009