With the new NACHA rules for IAT in effect from September 18th 2009, some of the questions that are frequently asked are:
Are you able to identify all International ACH Transactions
and check them for OFAC violations?
Are you able to manage the OFAC hits effectively?
Are you able to do
so without delaying transaction processing?
Is the cost to accomplish
this prohibitive?
What is your current and expected increase in volume of IAT?
The rules mandate all financial institutions
that originate or receive ACH transactions to perform OFAC due diligence
on IAT transactions. The answer to these questions is critical for
payment managers, compliance officers, and senior bank management.
"
I first worked with Idola Infotech back in early 2005. Since then, our working relationship has grown dramatically and when I’m not taking them with me,
working on other projects then I am busy highly recommending them to others. Their knowledge and expertise along with the level of professionalism and integrity is unmatched. When I need something done and time constraints are fierce, Idola always delivers. They cover all the bases, from project planning including business requirement documentation, to data cleansing, streamlining processes, developing rules and alerts for monitoring, independent testing, the list goes on.
I trust them and rely on their support to get the job done. "
- Christina Wing , CAMS, AML Compliance Professional
"Not every business relationship exceeds your expectations. Even
less often is such a relationship provided at reasonable cost. Fortunately,
I have had the pleasure of working with Idola over the last 6 years
during which they have exemplified the attributes of quality and
value.
Idola has played a key role in the support of my business goals.
They are aligned with the Josefa Groups' philosophy of quality,
trust, and value. As such, I look forward to continuing our relationship
as well as recommend Idola for their product development and professional
services. "
