First PREMIER Bank selects ACH Clarity from Laru Technologies

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First PREMIER Bank chose Laru Technologies to improve operational efficiencies, ACH rule compliance, and reporting requirements of various constituencies within the bank such as Risk & Compliance, Board members, Operations and Audit.

Laru Clarity - http://larutech.com/clarity.html

Laru Clarity

“As NACHA’s 12th largest ODFI, we need accurate and timely information about our ACH transactions. Laru’s ACH Clarity promises to manage and monitor ACH transactions with seamless integration to our in-house PEP+ system while automating disparate tasks"

Laru Technologies, a provider of ACH and Wire risk and compliance management software applications for financial institutions, announced today, that First PREMIER Bank based in Sioux Falls, South Dakota has selected Laru’s ACH Clarity software to enhance operational efficiencies and monitoring of its growing volume of ACH transactions.

First PREMIER Bank chose Laru Technologies to improve operational efficiencies, ACH rule compliance, and reporting requirements of various constituencies within the bank such as Risk & Compliance, Board members, Operations and Audit.

“As NACHA’s 12th largest ODFI, we need accurate and timely information about our ACH transactions. Laru’s ACH Clarity promises to manage and monitor ACH transactions with seamless integration to our in-house PEP+ system while automating disparate tasks, some of which are being handled manually. We expect data and reports at our finger tips whether required by our Risk Management / Operations personnel, or Auditors and Board members,” stated Dennis J. Feterl, VP Treasury Services.

ACH Clarity will complement First PREMIER Bank’s core ACH processing system. Laru’s web interface monitors incoming and outgoing ACH traffic between participating financial institutions. Through ACH Clarity, First PREMIER Bank’s operations staff will receive daily alerts and reports that identify transaction anomalies. These capabilities will 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 issue. ACH Clarity will obtain data from Collection and Distribution windows and allow operations staff to query and report on customer data using familiar concepts such as Point and Collection Applications.

“In today’s banking environment where more stringent rules and regulations are being enforced upon financial institutions, there is now an increased need for stronger risk management systems and controls designed specifically for monitoring ACH transactions. I am confident, First PREMIER Bank will be able to 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 and subsequent Bulletins, 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 kept up-to-date with the latest regulatory changes, well in advance of rule changes taking effect.

ACH Clarity is a highly scalable application built on Microsoft’s .Net® platform and is available as a stand-alone server application, an enterprise hosted ASP or SaaS subscription. System administration, report creation and direct access to application functions is provided through a browser-based interface.

About First PREMIER Bank
With over 100 years of banking history, First PREMIER Bank and their sister company, PREMIER Bankcard, have become national players in consumer credit and banking. Both organizations are headquartered in Sioux Falls, South Dakota. The organization is consistently recognized as one of the strongest capitalized banks in the country and provides a variety of traditional and non-traditional banking services. In addition to being the 12th largest ACH originating bank in the United States, they are one of the top 12 issuers of MasterCard® and VISA® credit cards in the country. For more information visit http://www.firstpremier.com/.

About Laru Technologies
Laru Technologies is a trusted and reliable bank security solutions provider of ACH and Wire transaction monitoring and control tools that put financial institutions in command of their operations. Laru’s suite of affordable products addresses the specific concerns of risk management, compliance and governance of ACH and Wire activity. For more information visit Laru Technologies website at http://www.larutech.com/.

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Karen Apa

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Rajiv Donde
@LaruTech
since: 03/2013
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