Laru’s web interface monitors incoming and outgoing ACH traffic between participating financial institutions
Busey Bank has selected Laru’s ACH Clarity enterprise hosted ASP managed service and ACH FileFox Professional to bolster operational efficiency and risk monitoring of its growing volume of ACH transactions. Laru has said that ACH Clarity is built on Microsoft’s .Net Platform and can be delivered on a stand-alone server, an enterprise hosted ASP or a SaaS subscription.
Reportedly, Laru’s technology provides the bank’s internal operations personnel with a tool that can research, report and manage risk exposure. Using ACH Clarity, Busey Bank’s operations staff are expected to receive daily alerts and reports that identify transaction anomalies. These capabilities are expected to give 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.
Laru has claimed that 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.
Rajiv Donde, president at Laru, said: “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.
Busey Bank is a wholly-owned banking subsidiary of First Busey Corporation – a 140 year old financial holding company headquartered in Urbana, Illinois. It offers a range of financial services to more than 75,000 households.
California-based Laru is a provider of ACH risk and compliance management software applications for financial institutions. Financial institutions use the company’s products to identify, resolve and prevent ACH fraud and network violations.