Asure Launches Treasury Compliance Services
13 November 2023 - 3:08PM
Asure (NASDAQ: ASUR), a licensed money transmitter, announces the
launch of its Treasury Compliance Services specifically designed to
assist regional and niche payroll providers with the stringent
compliance demands related to money movement. This service
strategically addresses the requirements of the money transmission
laws in the various states, including those that have adopted the
Model Money Transmission Modernization Act (collectively “MTMA”),
the Bank Secrecy Act (BSA), and the National Automated Clearing
House Association (NACHA) Operating Rules, which have notably
increased regulatory requirements for companies moving money
associated with payroll transactions.
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.
Pat Goepel, Chairman and CEO of Asure Software, emphasizes the
service's streamlined focus: "Our Treasury Compliance Services are
designed to simplify the complex requirements payroll providers
face in today’s regulatory environment. With this service, we
handle the heavy lifting of compliance, so our clients can continue
to grow their business and serve their customers without compliance
concerns."
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.
About Asure Software Asure Software (NASDAQ:
ASUR) provides cloud-based Human Capital Management (HCM) software
solutions that assist organizations of all sizes in streamlining
their HCM processes. Asure's suite of HCM solutions includes HR,
payroll, time and attendance, benefits administration, payroll tax
management, and talent management. The company's approach to HR
compliance services incorporates AI technology to enhance
scalability and efficiency while prioritizing client interactions.
For more information, please visit www.asuresoftware.com.
For more information, please
visit www.asuresoftware.com.
Investor Relations Contact:
Patrick
McKillop617-335-5058patrick.mckillop@asuresoftware.com
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