NATICK, MASS. (February 20, 2003) â Prelude Software, Inc. today announced the launch of its PayFlag software. This new module enables companies to comply with Office of Foreign Assets Control (OFAC) regulations. OFAC mandates that businesses block payments to persons and organizations that have been deemed to pose a threat to the security of the United States. To that end, OFAC provides lists of Specially Designated Nationals (SDN) and Blocked Persons.
PayFlag integrates seamlessly with Preludeâs PayPilot payment management solution to match the names in payment records with those posted on the OFAC master list. The software scans all new payments and can also be used to scan historical payment records and vendor tables. The PayFlag software automatically scans payments imported into the PayPilot database as well as manually entered payments. If a match to the OFAC list is encountered, the payment is flagged as suspect, the system prevents the payment from being issued, and an exception report is automatically generated.
PayFlag is easy to install and implement. Using an intuitive menu-driven design PayFlag seamlessly integrates with PayPilot, transparently incorporating OFAC compliance into your workflow.