Under the terms of the renewable partnership, First Data is expected to enhance its business online banking risk management capabilities via Larus ACH Clarity protection offering.
The ACH Clarity product suite is set to automate ACH risk management, detect out-of-pattern anomalies, alert financial institutions to possible problems, as well as guide operators through research and resolution steps. In addition, several case management tools are set to monitor open and closed cases, whereas parameter-driven reporting tools are set to control audit and regulatory compliance reporting.
Moreover, Laru’s latest service, ACH Vision, is expected to be launched in 2011 as part of the ACH fraud-fighting package available to First Data business online banking customers.
According to a recent ACH rule change, financial institutions are expected to to perform risk assessments of all their ACH origination traffic. The regulation was introduced to address growing volumes of potentially risky ACH transactions at various stages in the payment cycle.
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