Fremont Bank Selects Laru Corporation's ACH Clarity to Monitor ACH Network Traffic

EL DORADO HILLS, Calif.--(BUSINESS WIRE)--Laru Corporation, a provider of ACH risk and compliance management software applications for financial institutions, announced that Fremont, Calif.-based Fremont Bank has selected Laru’s ACH Clarity™ product to monitor its growing volume of ACH transactions. Fremont Bank chose Laru’s technology because it provides the bank’s internal operations personnel with a user-friendly, comprehensive tool that can research, report and manage risk exposure effectively, as well as ensure compliance of the ACH pipeline.

“Laru’s primary goal has been to assist Fremont in identifying network violations against the bank as well as better manage their origination operations. The end result increases the overall integrity of the ACH network for all parties.”

“From the beginning of implementation, Laru’s ACH Clarity product has provided Fremont Bank with vital information concerning ACH activity on customer accounts,” said Patti Greenup, director of deposit operations at Fremont Bank. “Because of ACH Clarity, we have now achieved scalable efficiencies that allow the bank to expand our existing controls and decrease our levels of ACH risk exposure while providing increased protection for our customers.”

ACH Clarity runs as a complementary platform to Fremont’s core ACH processing system. The platform monitors incoming and outgoing ACH traffic between participating financial institutions. Using ACH Clarity, Fremont Bank’s deposit operations staff receives daily alerts and reports that identify pipeline anomalies. These capabilities have given the bank an automated means to identify potentially troubling transactions and efficient tools to research the source of the issues. In addition, information that historically took hours to compile is available within seconds.

“Working with Fremont Bank to proactively manage and control ACH risk has proven to be a worthwhile effort,” stated Ben Waidhofer, president and chief executive officer of Laru Corporation. “Laru’s primary goal has been to assist Fremont in identifying network violations against the bank as well as better manage their origination operations. The end result increases the overall integrity of the ACH network for all parties.”

ACH Clarity was developed in accordance with the Office of the Comptroller of the Currency’s (OCC) Bulletin 2006-39, which outlines key components that comprise an effective ACH risk management program and recommends that financial institutions implement stand-alone ACH audit systems.

The product is a highly scaleable application built on Microsoft’s Business Intelligence Platform and delivered on a stand-alone server. Fremont Bank’s implementation process was completed in one day. System administration, report creation and direct access to application functions is provided through ACH Clarity Dashboard client workstations.

About Fremont Bank

Fremont Bank is a leading full-service community bank in Northern California. Founded in 1964, Fremont Bank is one of the oldest independent family owned and managed banks in the region and focuses on personalized service for individuals and businesses. It serves communities through 24 branches and 7 additional ATMs throughout the greater San Francisco Bay Area. Exceptional client service is the cornerstone of Fremont Bank’s business. Accommodation of customer needs in a friendly, personal atmosphere characterize the bank’s culture. For more information, visit the company’s web site at www.fremontbank.com.

About Laru Corporation

Laru Corporation, headquartered in El Dorado Hills, Calif., is a software provider of ACH risk and compliance applications. Financial institutions use the company’s products to identify, resolve and prevent ACH fraud and network violations. Laru’s flagship product, ACH Clarity^TM, monitors and manages the risks of originating, receiving and processing ACH transactions, and provides an independent ACH audit platform in accordance with OCC Bulletin 2006-39. For more information call 888-527-8007 or visit the company’s web site at www.larucorp.com.