Idola Announces Aegis, an OFAC Solution for IAT
Idola Announces Aegis, an OFAC Solution for IAT
08.03.09, 9:00 AM ET
ISELIN, N.J., Aug. 3 /PRNewswire/ — Idola today announced Aegis, a new middleware product that will simplify the process of OFAC screening of International ACH transactions (IAT). New rules issued by NACHA require all international ACH payments to be identified as such, and thus will permit financial institutions to perform due diligence with respect to IAT transactions as required by the Office of Foreign Asset Control (OFAC). These rules become effective September 18, 2009 and will impact all financial initiations that originate or receive ACH transactions.
Aegis, designed based on Service Oriented Architecture (SOA), can intercept and screen both domestic and international ACH messages or mixed source files and can be configured to provide the following functionality:
1. Perform OFAC screening of IAT Transactions or domestic ACH Transactions or both.
2. Operate in “Split Mode”: Segment source file into two files – one containing all transactions without possible OFAC matches and a second one containing suspected matches.
3. Operate in “Highlight Mode”: No modification of source file other than highlighting transactions with any possible matches against scanned lists by setting the secondary screening indicator.
4. Generate a rebalanced file from all transactions cleared after the due diligence review.
5. Real-time or batch mode of operation.
Aegis as a middleware will allow financial institutions the ability to leverage existing workflow procedures and investment in automated OFAC scanning software, by easily integrating with any OFAC screening software. Aegis provides message reconciliation and comprehensive reporting capabilities as mandated by the new IAT regulations.
Aegis will significantly ease the burden of OFAC filtering for financial institutions. More importantly, it will provide transaction identification and routing to assure that all IAT or ACH transactions as required are filtered through OFAC screening software in the shortest possible time.
For further information on how your organization can benefit from Aegis, please contact:
S.K. Murthy IDOLA INFOTECH LLC Tel: 732-744-0066 Ext 202 Fax: 732-744-0061 Email: skmurthy@idolainfotech.com
About Idola Infotech
Idola ( http://www.idolainfotech.com ) was founded in 2002 by a team that specialized in software product development and the deployment of complex technology projects. Its management team consists of banking experts, leaders of the regulatory compliance market, and senior technology specialists. Idola has established itself as a leading provider of Risk and Compliance services to the financial sector and has developed commercial products for one of the largest vendors of financial services software. Project management experience has been earned across a wide range of financial institutions from some of the largest in the world to small community banks. Idola has implemented and deployed software solutions domestically and internationally earning its reputation for excellence, reliability, and value.