IAT, the newest ACH Standard Entry Class (SEC) code, will replace S1 Corporate Bankingâs 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.
âIAT 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.â said Nancy Atkinson, Senior Analyst, Aite Group. âThis 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.â
âWe serve many of the largest U.S. banks who rely on S1 to deliver major updates like IAT early so that they have adequate time to install and test these regulatory changes.â said Fred Dumas, General Manager, S1 Enterprise Treasury Online Group. âOur philosophy is to exceed our customerâs expectations, provide them with a competitive advantage in the markets they serve, and win high marks in customer satisfaction.â
S1 has almost twenty years of experience providing cash management solutions to the world's largest banks. S1 Corporate Banking provides an integrated global payments framework supporting diverse domestic and international payments, including wire transfers, account transfers, ACH and localized payments for over twenty countries. In addition to comprehensive payment services, S1 Corporate Banking offers a rich, highly flexible user-interface, extensive security and entitlement features like multi-factor authentication, bulk file transfers, check services, and complete information reporting functionality.