Asure Launches Treasury Compliance Services
The Treasury Compliance Services leverage Asure’s existing commercial banking and payments processing services, provided by J.P. Morgan. This enables Asure to deliver a comprehensive solution that meets the demands of money movement for payroll providers. The service simplifies the compliance process, allowing payroll providers to concentrate on their primary operations while Asure expertly manages the complexities of MTMA, BSA, and NACHA compliance.
Key Benefits of Asure's Treasury Compliance Services:
- MTMA Adherence: As states increasingly regulate payroll companies as money transmitters, akin to banks, Asure's service ensures that payroll services are provided using Asure’s compliant infrastructure.
- BSA Compliance: The service takes charge of the necessary Customer Identification Program (CIP) [formerly known as Know Your Customer (KYC)] and Anti-Money Laundering (AML) protocols mandated by the Bank Secrecy Act, allowing payroll providers to fulfill these obligations without the administrative burden.
- NACHA Alignment: Asure manages the tokenization of banking information and the establishment of ACH agreements with employers on behalf of payroll providers, ensuring compliance with NACHA's stringent standards.
The Treasury Compliance Services are set to be available in Q4 2023, marking a significant step in supporting payroll companies to manage their compliance needs effectively and efficiently.
For more information, please visit www.asuresoftware.com.
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Source: Asure Software, Inc