Fiserv Launches CheckFree International Payments Processing Suite
Financial IT firm Fiserv has launched the CheckFree International Payments Processing Suite of software products to assist financial institutions in obtaining regulatory and processing compliance with both the Office of Foreign Assets Control (OFAC) and NACHA. Due to growth in the international payments market, NACHA implemented a unique Securities and Exchange Commission code called International ACH Transaction (IAT) for the purpose of clearly differentiating international payments from domestic transactions. In response, Fiserv developed this product suite, which includes two stand-alone modules, the CheckFree AML Advisor module and CheckFree IAT Format Validation module. “As globalisation accelerates, international funds transfers are becoming more of a concern for businesses and the banks that serve them,” said Aaron McPherson, practice director for Financial Insights, an IDC company. By 20 March 2009 all financial services organisations must comply with the new IAT regulatory coding and government mandates. As a result, companies must analyse information in the data fields and compare them with government lists to ensure that no funds are transferred in or out of accounts blocked in accordance with OFAC sanctions, while making certain that additional data elements have been completed for all international financial transactions.