Busey Bank taps Laru technology to monitor ACH risk

Source: Laru

Laru, a provider of ACH risk and compliance management software applications for financial institutions, announced that Busey Bank has selected Laru's ACH Clarity enterprise hosted ASP managed service and ACH FileFox Professional to enhance operational efficiency and risk monitoring of its growing volume of ACH transactions.

Busey 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 with existing and new ACH regulations.

"As an originating and receiving depository financial institution, Clarity has enabled us to manage and monitor growing ACH transactions," said Susan Stout, Treasury Operations Manager.

ACH Clarity is provided as an ASP managed service and complements Busey Bank's core ACH processing system. Laru's web interface monitors incoming and outgoing ACH traffic between participating financial institutions. Using ACH Clarity, Busey Bank's operations staff receives daily alerts and reports that identify transaction anomalies. These capabilities have given the bank an automated means to immediately access and identify potentially concerning transactions. ACH Clarity's drilldown capability provides forensics and isolates the source of the issues. The bank also generates comprehensive board reports for executive management using Clarity.

"Laru has successfully translated risk management challenges into some very comprehensive tools. With today's more stringent rules and regulations being enforced upon financial institutions, there is now an increased need for stronger risk management systems and controls designed specifically for monitoring ACH transactions. The use of ACH Clarity will ensure that Busey Bank can use actionable business intelligence to safely pursue its ACH growth targets while complying with NACHA's rules and regulations," said Rajiv Donde, president 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.

ACH Clarity is a highly scalable application built on Microsoft's .Net Platform and delivered on a stand-alone server, an enterprise hosted ASP or a SaaS subscription. System administration, report creation and direct access to application functions is provided through ACH Clarity Dashboard client workstations.

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