23 October 2017
Find out more

ACH fraud concerns drive banking sales at Laru

26 February 2010  |  4169 views  |  0 Source: Laru

Laru, the leading provider of ACH risk and compliance management software applications for financial institutions, announced that United Bank & Trust was among 8 banks nationwide to select Laru's ACH Clarity software and ACH FileFox Professional in Q4. These applications will enhance operational efficiency and risk monitoring of United Bank & Trust's growing volume of ACH transactions

"As the result of a recent audit, we recognized the need to manage our ACH transactions and files with better controls. ACH Clarity provides those necessary and important tools to accomplish this"

United Bank & Trust 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 taking effect on June 18, 2010.

"As the result of a recent audit, we recognized the need to manage our ACH transactions and files with better controls. ACH Clarity provides those necessary and important tools to accomplish this," said Marsha Whitehouse, Vice President of Treasury Management for the bank.

ACH Clarity is an enterprise system that complements United Bank & Trust's core ACH processing system. Laru's web interface monitors incoming and outgoing ACH traffic between participating financial institutions. Using ACH Clarity, the 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 potential problem 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, 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 United Bank & Trust can use actionable business intelligence to safely pursue its ACH growth targets while complying with NACHA's risk management and assessment guidelines that take effect on June 18, 2010," said Rajiv Donde, president at Laru.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comRegister nowvisit www.atos.net

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
16685 views comments | 19 tweets | 33 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
14136 views comments | 22 tweets | 28 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
10403 views comments | 12 tweets | 23 linkedin
satelliteGates Foundation backs Ripple collaboratio...
10090 views comments | 13 tweets | 10 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job