Laru Corporation Announces Relationship With The Bancorp

FOLSOM, CA. — Laru Corporation, a leading provider of ACH risk management software, announced an agreement to provide a comprehensive suite of products to The Bancorp, Inc. (“Bancorp”), a financial holding company based in Wilmington, Delaware.

As part of this business arrangement, Bancorp will use Laru’s software platform for the monitoring and analysis of ACH transaction processing. In addition, the two companies will collaborate closely on the development of Laru’s next-generation ACH risk management, compliance and reporting tools.

Current Laru products which Bancorp will implement include:

  • ACH Clarity™, a software suite which allows financial institutions to continuously monitor ACH transactions. The system provides for the real time analysis of originator limits, return items and ACH file quality. Also included is a set of case management tools, staff alerts and over seventy comprehensive reports covering incoming, outgoing and returned ACH items.
  • ACH FileFox™, a full-featured ACH Editor with a wide array of tools for composing, searching and repairing NACHA-formatted ACH files. Other capabilities include a custom rules engine to automate actions on exception items, as well as the ability to efficiently perform OFAC, BSA and AML compliance requirements.

    "We are excited to work with an innovative company like Laru," said Terry Crowley, SVP of The Bancorp Bank. “For several years we have been investing in systems to provide enhanced control, analysis and reporting for the processing of card, ACH and wire payments. Working with an industry leader like Laru will help our readiness for the continued expansion of our ACH volumes.”

    "Laru Corporation, from its inception, has been dedicated to providing financial institutions with the tools to manage ACH risk efficiently, to grow ACH revenues safely, and to preserve capital," said Rajiv Donde, President of Laru. "We look forward to working with a forward-thinking group like Bancorp to deploy our existing risk management solutions and working with them to create Laru’s next generation solutions.”

    About The Bancorp, Inc.

    The Bancorp, Inc. is a financial holding company with a wholly owned subsidiary, The Bancorp Bank. The Bank is an FDIC-insured commercial bank that delivers a full array of financial services and products both directly and through private-label affinity partner programs nationwide. The Bancorp Bank's payments offering includes card issuing, card acquiring, ACH, wire transfer services and customized deposit account structures. The Bancorp Bank maintains membership with numerous payments networks including Visa, MasterCard, Star, NYCE, PULSE and Discover.

    • Posted: November 23, 2009