IAT enabled solution released by S1 Enterprise

[img_assist|nid=9098|title=|desc=|link=none|align=left|width=100|height=100]S1 Enterprise, multichannel financial services software provider, a division of S1 Corporation announced that its S1 Corporate Banking solution now supports International ACH Transaction (IAT) capabilities.

In light of NACHA’s requirement imposed on the banks to implement IAT by March 20, 2009 S1 Corporate Banking solution was designed to enable early preparation for testing with ACH operators, interfacing with OFAC screening systems and customer education. Thus S1 Corporate Banking's existing consumer and corporate cross border payment types will be replaced by IAT.

According to reports IAT will help full automation of international ACH processing, ensuring regulatory compliance while supporting global transaction capabilities.

"IAT is the result of a combination of forces - stronger focus on regulatory issues along with the expansion of a global economy that demands more and more international transaction capabilities." said Nancy Atkinson, Senior Analyst, Aite Group. "This necessitates a change to existing SEC codes in order to keep up with the growing number of international ACH payments while thwarting the money laundering risk potential."