FOLSOM, Calif., March 5, 2009 — Laru, a provider of ACH risk and compliance management software applications for financial institutions, announced that First Community Bank has selected Laru’s ACH Clarity enterprise hosted ASP managed service and ACH FileFox Professional to enhance operational efficiency and monitoring of its growing volume of ACH transactions.
First Community Bank 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.
“For an originating and receiving depository financial institution, Clarity has enabled us to manage and monitor ACH transactions while FileFox is a simple and effective tool to find errors in ACH file formats and repair them,” said Ramona Chadwick, vice president of electronic banking at First Community Bank.
ACH Clarity is provided as an ASP managed service and complements First Community Bank’s core ACH processing system. Laru’s web interface monitors incoming and outgoing ACH traffic between participating financial institutions. Using ACH Clarity, First Community Bank’s operations staff receives daily alerts and reports that identify transaction anomalies. These capabilities have given the bank an automated means to immediately access and identify potentially concerning transactions. ACH Clarity’s drilldown capability provides forensics and isolates the source of the issues. The bank can also develop comprehensive board reports for executive management using Clarity.
“With today’s more stringent rules and regulations being enforced upon financial institutions, there is now an increased need for stronger risk management systems and controls designed specifically for monitoring ACH transactions. The use of ACH Clarity will ensure that First Community Bank can use actionable business intelligence to safely pursue its ACH growth targets while complying with NACHA’s rules and regulations,” said Tres Kearney, vice president of sales at Laru.
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 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.
About First Community Bank
With 80 years of banking history, First State Bancorporation (NASDAQ: FSNM) is the only publicly traded New Mexico-based commercial bank holding company. Through its wholly owned subsidiary, First Community Bank, the company has used a concentrated strategy of internal growth, advanced branching and selected acquisitions to currently operate 60 locations. First Community Bank’s flexible approach, localized decision making and individualized customer service has allowed it to continue to profitably capture market share with total assets currently more than $3.5 billion. For more information visit the Website at www.fcbnm.com.
- Posted: March 05, 2009