Real time ACH monitoring and fraud protection for RDFIs

Laru Corporation to Introduce ACH Vision RDFI at Payments 2011

Laru Corporation announced that it will showcase its latest product, ACH Vision RDFI, at NACHA’s Payments 2011 conference in Austin.

Following up on its recently released ACH Vision ODFI product targeted at originators and originating DFIs, Laru has created a similar product for the ACH transaction receivers, namely the RDFIs, further leveraging its proprietary business intelligence methodology.

According to Michael Campbell, EVP Treasury Management at Bank of Nevada who will be Beta testing the product, “With respect to ACH fraud and risk management, the concerns of the RDFI are very different from those of the ODFI. The ability to warn our business and retail customers of an out of pattern transaction that is about to hit their account is critical to our business. It is equally important that our customers be able to specify the types and dollar amounts of transactions they would like to be alerted to prior to posting.”

Typical account takeover schemes begin with the ODFI and deploy money mules stationed at the RDFI to siphon off the fraudulent funds. Vision RDFI provides flexible toolkits to identify these kinds of scenarios.

By leveraging the knowledge from past transactions and application of Laru’s proprietary business intelligence methodology, ACH Vision RDFI will automatically alert RDFI personnel to transaction anomalies, so they can take appropriate action a priori and protect the bank and its customers.

“RDFIs are looking for an inexpensive and reliable service that will alert them to transactions that are fraudulent and/or violate NACHA Rules before they are posted to a customer’s account”, stated Elliott McEntee.

“The ACH Vision RDFI product is a logical extension of Laru’s ACH product lineup and philosophy of risk measurement and control. With the addition of ACH Vision RDFI we are addressing the risk and fraud protection needs of financial institutions from the ODFI and RDFI perspective,” said Rajiv Donde, President & CEO at Laru.

ACH Vision RDFI works seamlessly with Laru’s other products, ACH Clarity and ACH FileFox and fits in line with the financial institution’s ACH processing pipeline; hence no complex system integration is required.

  • Posted: March 29, 2011