Laru Corporation Offers SaaS Across ACH Clarity Product Suite

By Susan J. Campbell

TMCnet Contributing Editor

 

Laru Corporation, a provider of software applications for ACH risk and compliance management, has announced the general availability of its Software-as-a-Service (SaaS (News - Alert)) offering across its ACH Clarity product suite.



This Web-based solution is designed to enable financial institutions to access and monitor ACH transactions. It also provides an enterprise system for identifying, resolving and preventing ACH fraud and compliance issues.

With the SaaS version, financial institutions can quickly and cost-effectively maximize the value of their software implementations. Such a platform also enables the financial institution to scale the software according to their needs, whether it is growing or cutting back due to economic pressures.

 

ACH Clarity runs as a complementary platform to an institution’s core ACH processing system. It 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 compliance with NACHA rules and regulations.

This latest solution is also designed to provide customized alerts and reports that indicate fraudulent ACH transactions and risk anomalies, notifying operators when events occur. This feature can be considered invaluable to the organization as it can speed identification time and reduce the risk and impact of such a transaction.  

The Office of the Comptroller of the Currency’s OCC Bulletin 2006-39 outlines key components of the an effective ACH risk management program. It also recommends that financial institutions implement stand-along ACH audit systems. ACH Clarity was created in accordance with the bulletin to ensure complete compliance.

The addition of SaaS to the 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 such a platform, ACH Clarity software is stored on Laru’s server and accessed through an Internet connection. This functionality 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, in a Wednesday statement.

 

"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 is designed to support the needs of both originating depository financial institutions and receiving depository financial institutions. Clarity provides the means necessary to identify high risk originating banks and the source of the offending transactions.

The system is positioned as savings considerable time needed to research customer service issues created from fraudulent ACH transactions or network violations. As a result, the financial institution can spend more time developing customer relationships and less time worrying about the negative impact fraudulent transactions or network violations have on the customer base.