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November 10, 2009

Attus enhances automated Reg E compliance offering

Claims to streamline automation of EFT errors

By CBR Staff Writer

Attus Technologies, a provider of Software as a Service (SaaS) regulatory compliance offerings, has enhanced WatchDOG for Reg E to further streamline the automation of Electronic Fund Transfer error claims.

The company said that it has added several valuable reporting features to this upgrade. It allows financial institutions to view, print or export to Excel or a PDF any system reports, including new Claim Amount and Claim Detail reports.

According to Attus, the built-in templates for required customer notices can now also be customised as per the specific needs of an investigation or the financial institution. WatchDOG for Reg E has an expanded notices section to enable an institution to generate all related documents that incorporate necessary information from the claim. Unlimited documents can be created, including vendor documents, such as the WSUPP form or Visa/MasterCard chargeback form.

Through Claim History Reporting option all the key dates of the claims can be accessed. The initial claim notification, all status changes, print dates for customer notices, and when provisional and final credit were calculated and issued are all accessible, the company said.

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Lori Moore, director of Attus, said: WatchDOG for Reg E provides a significant cost savings over any financial institution’s manual Reg E process but it also facilitates a more thorough audit trail for improved compliance adherence and documentation. One of the most effective tools added is ‘Claim History Report,’ which provides all timeline activity for an individual claim or a series of claims.

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