VIENNA, Austria and NORCROSS, Georgia, September 16 /PRNewswire/ --
S1 Enterprise, a division of S1 Corporation (Nasdaq: SONE) and a leading provider of multichannel financial services software, today announced the incorporation of International ACH Transaction (IAT) capabilities in its S1 Corporate Banking solution. In accordance with NACHA's latest directive that "strongly encourages" banks to have IAT implemented by March 20, 2009, S1 Corporate Banking customers have the opportunity 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."
"We 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." said Fred Dumas, General Manager, S1 Enterprise Treasury Online Group. "Our philosophy is to exceed our customer's expectations, provide them with a competitive advantage in the markets they serve, and win high marks in customer satisfaction."
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.
About S1 Enterprise
More than 100 banks and three million consumer, small business, and corporate users worldwide rely on S1 Enterprise solutions to access and manage their financial information. A division of S1 Corporation (Nasdaq: SONE), S1 Enterprise is a leading provider of integrated banking solutions that enables financial service providers to receive a holistic view of their customer via a common technology platform regardless of delivery channel - branch, call center, Internet, or voice. Additional information about S1 Enterprise is available at www.s1enterprise.com .
About S1 Corporation
S1 Corporation (Nasdaq: SONE) delivers customer interaction software for financial and payment services and offers unique solution sets for financial institutions, retailers, and processors under three brand names: Postilion, S1 Enterprise and FSB Solutions. Additional information about S1 solutions is available at www.s1.com, www.postilion.com, www.s1enterprise.com and www.fsb-solutions.com.
This press release contains forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act. These statements include statements with respect to our financial condition, results of operations and business. The words "believes," "expects," "may," "will," "should," "projects," "contemplates," "anticipates," "forecasts," "intends" or similar terminology identify forward-looking statements. These statements are based on our beliefs as well as assumptions made using information currently available to us. Because these statements reflect our current views concerning future events, they involve risks, uncertainties and assumptions. Therefore, actual results may differ significantly from the results discussed in the forward-looking statements. The risk factors included in our reports filed with the Securities and Exchange Commission (and available on our web site at www.s1.com or the SEC's web site at www.sec.gov) provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. Except as provided by law, we undertake no obligation to update any forward-looking statement.