S1 Enterprise Incorporates IAT Capabilities in its Corporate Banking Solution

Multichannel financial services software provider S1 Enterprise, (Norcross, Ga.), a division of S1 Corporation, has incorporated International ACH Transaction (IAT) capabilities in its S1 Corporate Banking solution.

Since NACHA 'strongly encourages' banks to implement IAT by March 20, 2009, customers of S1 Corporate Banking solution will have a chance to take advantage of early preparation for testing with ACH operators, interfacing with OFAC screening systems and customer education. IAT, the newest ACH Standard Entry Class (SEC) code, will replace S1 Corporate Banking's existing consumer and corporate cross border payment types.

According to Aite Group, IAT will provide the means to fully automate international ACH processing, ensuring regulatory compliance while fostering the ability to transact globally."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."

Peggy Bresnick Kendler has been a writer for 30 years. She has worked as an editor, publicist and school district technology coordinator. During the past decade, Bresnick Kendler has worked for UBM TechWeb on special financialservices technology-centered ... View Full Bio