In Response to Industry Regulations and Higher Level of Risk with ACH Transactions, Argos Risk Online Announces Powerful Solution to Protect Financial Institutions

Minneapolis, MN, April 02, 2014 --(PR.com)-- Argos Risk, specialists in the development of web-based technology solutions that enable companies to proactively manage credit risk and protect against business identity fraud, announced today the introduction of its new Third-Party Sender Portfolio Report, which makes it possible for users to have access to and monitor the risk factors of all their customers when originating ACH transactions. The new tool is an enhancement to the company’s flagship product, Argos Risk Online. The Third-Party Sender Portfolio Report will debut at the NACHA Payments 2014 Show in Orlando, FL, April 6-9, 2014.

Argos Risk’s Third-Party Sender Portfolio Report is designed to help financial institutions effectively identify and monitor the risk involved when originating ACH transactions on behalf of Third-Party Senders and their originators, allowing organizations to clearly see the aggregate risk that their customer and their customer’s customers bring to their organization.

According to ACH expert Wyatt Abernethy, Treasury Management Officer for Texas-based Veritex Community Bank, “There really is a need for a product like this. Veritex chose Argos Risk Online prior to the announcement of the Third-Party Sender Portfolio Report enhancement because it gives us a streamlined risk management solution better than we are able to do on our own. It compiles everything that the customer does and provides us with an organized way to manage a complicated process.”

“Argos Risk has had tremendous pre-launch interest in the Third-Party Sender Portfolio Report from financial institutions nationwide. For example, many of our users are Originating Depository Financial Institutions (ODFIs) that initiate transactions on behalf of Third-Party Senders. ODFIs are at risk because they do not have direct access to critical information about the originating customers, yet they are bound by regulatory requirements to understand and monitor the actions of these entities. The Third-Party Sender Portfolio Report has been eagerly anticipated by the ODFIs,” said Lori Frank, Argos Risk President.

Newly revised guidelines were also released by the FDIC (FIL-3-2012) stating, “Although all of the core elements of managing third-party risk should be considered in payment processor relationships, managing this risk poses an increased challenge for the financial institution when there may not be a direct customer relationship with the merchant.”

Argos Risk created its Third-Party Sender Portfolio Report to directly address this challenge by making it easier for financial institutions to conduct due diligence and continually monitor all ACH originators.