FOLSOM, CA. — (BUSINESS WIRE) — Laru Corporation announced today that their ACH FileFox product has been expanded to include a solution for the new International ACH Transactions (IAT) rules that will be implemented on September 18, 2009. These rules require that all financial institutions comply with the Office of Foreign Assets Control (OFAC) requirements to provide additional information on any international ACH transaction. All financial institutions receiving and/or originating ACH transactions will be impacted by this new NACHA rule from both a compliance and operations perspective.
ACH FileFox, Laru Corporation’s stand-alone application for editing ACH files is a complimentary application to any ACH core system and can easily be integrated into an existing ACH operation. ACH FileFox provides a comprehensive set of features that can be used by originators and receivers to manipulate, edit, and verify ACH data. The application provides:
ACH FileFox’s IAT-OFAC Wizard can split all IAT items that match an OFAC item into a separate NACHA-formatted file and generate a screening report with details of matches, files produced, and actions taken for a complete audit trail. The report can be forwarded to a financial institution’s risk or compliance department to determine if reporting or other action is necessary. The software can also generate both IAT NOCs and IAT returns.
According to Carl Daniel, Laru’s Chief Technology Officer, “ACH FileFox was already a sophisticated, but easy-to-use, ACH application when they made the new IAT rules. In addition to all of the other features ACH FileFox provides, the new IAT OFAC capability is a much needed solution given the new requirements.”
Additional information about ACH FileFox’s IAT OFAC capabilities is available at www.larutech.com.
- Posted: Sept. 02, 2009