More than 30 years after the Electronic Funds Transfer Act (Reg E) established the rights and liabilities of financial institutions processing transfers, the industry has seen a significant explosion of electronic funds transfers. The rapid growth also has resulted in increased consumer EFT error claims primarily related to fraud.

Because of the complex requirements and broad scope of Reg E, a manual compliance process not only requires a significant amount of training, but also is too risky and ineffective. This complexity has led many financial institutions to search for an automated alternative.

ATTUS Technologies Inc. www.attustech.com introduced new enhancements to WatchDOG for Reg E in order to simplify management of alleged errors, including fraud claims. WatchDOG for Reg E is a cloud-based compliance solution that automates the regulation's frustrating processes, eliminates the potential for error and increases overall compliance efficiency.

"Within the financial industry, compliance continues to be a major concern as institutions are forced to adhere to a constantly growing list of rules and regulations, especially such consumer protection regulations as Reg E," says Tom Fedell, ATTUS' president and general manager. "The updates to WatchDOG for Reg E help improve bank efficiency and minimize potential losses from noncompliance with consumer fraud claims rules.

The newest product enhancements complement the existing WatchDOG for Reg E solution, which ATTUS originally released in March 2009. Based on continuous customer demand and the current up-tick in EFT-related fraud claims, ATTUS implemented several updates to broaden the solution's capabilities for managing claims. Key enhancements to the solution allow users to:

· Identify when written confirmation is received and calculate key dates accordingly.

· Capture and calculate NACHA and Visa deadlines on a per transaction basis.

· Reconcile chargebacks received from NACHA and Visa.

· Define the number of claims to display on the dashboard.

·  Facilitate faster entry of transactional data.

Additional updates include a new grid-style layout to build custom notices, the option to trigger the next action due when configuring custom notices, and an expanded Supervisor Override function to change claim types for cloned and/or existing claims. The full array of new product enhancements can be configured to meet each customer's unique business needs, and the solution is backed by ATTUS' long-standing compliance and technical expertise.

[This article was posted on November 19, 2012, on the website of ABA Banking Journal, www.ababj.com.] 

TrackBack URI for this entry

Comments (0)

Subscribe to this comment's feed

Name

Email

Title

Comment

smaller | bigger

Subscribe via email (Registered users only)

I have read and agree to the Terms of Usage.

Write the displayed characters

Add Comment