The long awaited ACH Module is now in Scout®. The ACH Module covers more than just ACH. It includes all of the payment channels discussed in the FFIEC Retail Payment Systems Handbook from February 2010, such as:
- ACH Network
- ATM Network
- Bankcard Network
- Check Based
You will be able to set attributes for each of your retail payment system products to track:
- Overall Market Maturity
- Institution Product Maturity
In addition, you can track which products are processed in-house versus outsourced.
The module works just like the other risk assessment modules, so there is no need to learn a new risk assessment process. The product, risk and controls lists are already populated and associated. All you need to do is customize the lists, scores and verify the associations fit with your organization.
New regulations require financial institutions to monitor risk for ACH transactions. Even when a financial institution’s systems are secure, its customers systems may not be. ACH rules take over where Red Flags rules left off by going beyond consumer protections to mitigating risk in business accounts.
(Read more about how to better protect ACH transfers: Protecting ACH Transfers)