LAS VEGAS, May 19, 2008 — Laru Corporation, a provider of software applications for ACH risk and compliance management, announced ACH ClarityASP™, a Web-based solution that enables financial institutions to access and monitor ACH transactions. ACH Clarity provides an enterprise system for identifying, resolving and preventing ACH fraud and compliance issues. The ASP version enables financial institutions to utilize ACH Clarity software directly through a standard Web browser and is a more cost-effective solution for community banks and credit unions.
Running as a complementary platform to an institution’s core ACH processing system, ACH ClarityASP monitors ACH transactions, allows network operators to research problem situations, reports and manages risk exposure from originator relationships, and audits the ACH pipeline. The solution also provides customized alerts and reports indicating fraudulent ACH transactions and risk anomalies, notifying operators when events occur. ACH ClarityASP was created in accordance with the Office of the Comptroller of the Currency’s OCC Bulletin 2006-39, which outlines key components of an effective ACH risk management program and recommends financial institutions implement stand-alone ACH audit systems.
“Smaller-sized financial institutions can now access the functionality of Laru’s enterprise ACH Clarity product at an attractive price point,” said Bill Vaughan, chief executive officer of Laru Corporation. “ClarityASP provides a simpler implementation and is a viable option for organizations who may lack sufficient IT resources.”
ACH ClarityASP supports the needs of both originating depository financial institutions (ODFIs) and receiving depository financial institutions (RDFIs). For RDFIs, ClarityASP 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.
ClarityASP offers a pricing model based on the number of ACH transactions benefiting financial institutions processing lower volumes. The product will be generally available in July 2008.
- Posted: May 19, 2008