Laru, a provider of ACH risk and compliance management software applications for financial institutions, announced that Temecula Valley Bank has selected Laru's ACH Clarity™ and ACH FileFox Professional™ enterprise products to monitor its growing volume of ACH
Temecula Valley Bank chose Laru's technology because it provides the bank's internal operations personnel with a user-friendly, comprehensive tool that can research, report and manage risk exposure effectively, as well as ensure compliance for the bank's ACH pipeline.
"The implementation of Laru's ACH Clarity and FileFox products enable us to stay in compliance and decrease the bank's level of ACH risk exposure, while providing increased protection for our customers' financial transactions," said Martin E. Plourd, president and chief operating officer at Temecula Valley Bank.
ACH Clarity runs on a stand-alone server as a complement to Temecula Valley Bank's core ACH processing system. The platform monitors incoming and outgoing ACH traffic between participating financial institutions. Using ACH Clarity, Temecula Valley Bank's deposit operations staff receives daily alerts and reports that identify pipeline anomalies. These capabilities have given the bank an automated means to identify potentially troubling transactions and efficient tools to research the source of the issues. In addition, information that historically took hours to compile is available within seconds. ACH FileFox integrates into enterprise accounting systems and complements ACH Clarity, allowing the bank to manage its ACH files and ensure their submissions are compliant with NACHA standards and regulations.
"The increased need for risk management and compliance tools makes ACH Clarity a practical and viable solution for banks like Temecula Valley Bank, ensuring that ACH transactions are in accordance with NACHA's rules and regulations," said Tres Kearney, vice president of sales at Laru.
ACH Clarity was developed in accordance with NACHA rules and regulations as well as the Office of the Comptroller of the Currency's (OCC) Bulletin 2006-39, which outlines key components that comprise an effective ACH risk management program and recommends that financial institutions implement stand-alone ACH audit systems.
The product is a highly scaleable application built on Microsoft's .Net Platform and delivered on a stand-alone server or in SaaS format. System administration, report creation and direct access to application functions is provided through ACH Clarity Dashboard client workstations.