S1 Enterprise, a division of S1 Corporation (Nasdaq: SONE) and a leading provider of multichannel financial services software, today announced the incorporation of International ACH Transaction (IAT) capabilities in its S1 Corporate Banking solution.
In accordance with NACHA's latest directive that "strongly encourages" banks to have IAT implemented by March 20, 2009, S1 Corporate Banking customers have the opportunity to take advantage of early preparation for testing with ACH operators, interfacing with OFAC screening systems, and customer education.
IAT, the newest ACH Standard Entry Class (SEC) code, will replace S1 Corporate Banking's existing consumer and corporate cross border payment types. According to Aite Group, IAT will provide the means to fully automate international ACH processing, ensuring regulatory compliance while fostering the ability to transact globally.
"IAT is the result of a combination of forces - stronger focus on regulatory issues along with the expansion of a global economy that demands more and more international transaction capabilities," said Nancy Atkinson, Senior Analyst, Aite Group. "This necessitates a change to existing SEC codes in order to keep up with the growing number of international ACH payments while thwarting the money laundering risk potential."
"We serve many of the largest U.S. banks who rely on S1 to deliver major updates like IAT early so that they have adequate time to install and test these regulatory changes." said Fred Dumas, General Manager, S1 Enterprise Treasury Online Group. "Our philosophy is to exceed our customer's expectations, provide them with a competitive advantage in the markets they serve, and win high marks in customer satisfaction."