El Dorado Hills, Calif., Oct. 22, 2008 — Laru Corporation, a provider of software applications for ACH risk and compliance management, announced the general availability of its Software-as-a-Service (SaaS) offering across its ACH Clarity™ product suite, 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 SaaS version enables financial institutions to quickly and cost-effectively maximize the value of their software implementations.
Running as a complementary platform to an institution’s core ACH processing system, ACH Clarity monitors ACH transactions, enables network operators to research problem situations and reports, manage risk exposure from originator relationships and audit the ACH pipeline in order to ensure financial institutions are compliant with NACHA rules and regulations. The solution also provides customized alerts and reports indicating fraudulent ACH transactions and risk anomalies, notifying operators when events occur. ACH Clarity 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.
The introduction of SaaS into Laru Corporation’s product offering provides community banks and credit unions with the benefit of using ACH Clarity with enhanced reliability, availability and security without unexpected expenses or the need for a dedicated IT department. With SaaS, ACH Clarity software is stored on Laru’s server and accessed via an Internet connection. This functionality now provides a financial institution of any size with an enterprise ACH risk and compliance management system.
“The SaaS version of ACH Clarity enables financial institutions to immediately gain the benefits of closely monitoring originating and receiving ACH transactions without significant start-up costs or training,” said Carl Daniel, chief technology officer of Laru Corporation. “For many financial institutions, the decision to use SaaS instead of on-site technology is practical in order to achieve these cost reductions and resource efficiencies.”
ACH Clarity supports the needs of both originating depository financial institutions (ODFIs) and receiving depository financial institutions (RDFIs). For RDFIs, Clarity 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.
- Posted: October 22, 2008