Sword FircoSoft, provider of watchlist filtering applications, announces that its expert watchlist filtering application, Firco Filtering Suite, is ready to filter International ACH transactions.
In September 2009, the rule and format imposed by NACHA for International ACH Transactions (IAT) will go into effect. This permits all financial institutions in the United States to send and receive cross-border ACH payments with remittance information that identifies the sender and the receiver of the payment. With Sword FircoSoft’s Firco Filtering Suite, United States financial institutions will comply with their obligations under federal law to filter the IATs against the OFAC sanction list, in order to prevent them from processing illegal transactions. Building on the expertise in filtering enhanced since 1994, the Firco Filtering Suite allows for screening of inbound and outbound International ACH transactions and enables financial institutions to review the transactions efficiently.
“Filtering IATs represents a new challenge for US financial institutions, that is, being compliant with the NACHA rule for this new cross border payment service,” says Laurent Corbel, Sword FircoSoft sales director. “Obviously a reliable solution is critical, but in addition, financial institutions need a solution that is scalable as we are beginning to see growth in the lower-cost ACH channel, but only time will tell how much volume moves in that direction. Firco Continuity for IATs is both cost effective and scalable. It offers an on-demand solution for community banks as well as a plug-and-play solution easy to integrate into ACH applications such as Fiserv’s PEP+ for larger financial institutions. We are excited to bring our well recognized filtering capabilities to this new channel.”
D.C.