S1 Readies for International ACH

S1 Enterprise, part of S1 Corp., this week announced it has incorporated the international ACH transaction (IAT) capabilities that will soon by required by NACHA. The IAT is the new ACH standard effective next year that is designed to maintain a transaction’s international origin as it moves through the network—exposing a weakness in anti-money laundering controls as payments sometimes arrived at receiving institutions without the international remittance data.

S1’s incorporation of IAT gives client banks ample room to implement the standard by March 20, 2009 – NACHA’s “recommended” date for compliance so as to fine tune interfaces with ACH operators and OFAC screening systems in time for the September 2009 deadline. IAT will replace S1 Corporate Banking's existing consumer and corporate cross border payment types, according to the company.

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