Wolters Kluwer Financial Services, through its line of PCi solutions, and Open Solutions Inc. today announced that Wolters Kluwer Financial Services' comprehensive line of Wiz Sentri Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) solutions will seamlessly integrate with Open Solutions' state-of-the-art relational core data processing platforms.
By automating the BSA/AML compliance process and improving data sharing capabilities, lenders can increase the quality of their reporting using fewer resources.
The integration of the Wiz Sentri solutions into Open Solutions' core data processing platforms will give financial organizations a complete end-to-end BSA solution that will help them manage potential BSA compliance risks. Wiz Sentri can offer organizations enterprise-wide access to data across business lines, including compliance and legal departments, to help ensure that necessary information is readily available, reliable, identifiable and accessible.
In addition, Open Solutions' clients will minimize data entry by leveraging information already populated in the Open Solutions core platform. This automated workflow increases efficiencies for BSA/AML compliance requirements through data aggregation and centralized storage and archiving.
"This partnership between Open Solutions and Wolters Kluwer Financial Services allows for tight integration between our solutions and lets Open Solutions' clients experience the most streamlined AML data input process available," said Patrick Roch, director of Financial Intelligence at Wolters Kluwer Financial Services.
"Wolters Kluwer Financial Services and Open Solutions have a long and successful history of working together to deliver integrated technology solutions that benefit financial organizations and ultimately their customers," said Mike Nicastro, senior vice president and chief marketing officer of Open Solutions. "This latest agreement automates the BSA/AML compliance process and enhances data sharing capabilities allowing our clients to increase the quality of their reporting using fewer resources."
Open Solutions' core platform is built on a powerful, centralized Oracle relational database designed to be an open architecture application, creating the flexibility necessary for running a service-oriented financial institution. It helps institutions streamline both front- and back-office processes and creates a centralized view of customers, members, employees and business partners. Wolters Kluwer Financial Services offers its comprehensive suite of Wiz Sentri solutions addressing BSA and AML requirements in an application service provider (ASP) environment. An ASP hosting environment offers managed upgrades and system maintenance, which reduces IT requirements. Additional Wiz Sentri modules are scheduled for integration in a similar capacity. These solutions enable financial organizations to:
- Identify new and existing customer risk: Organizations are able to automate the Customer Identification Program (CIP) requirements of the USA PATRIOT Act. It includes Identity Verification, OFAC list check, and World-Check(TM). It also helps institutions with the automation and documentation of their Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD)
- Monitor transactions and identify suspicious activity: This web-based solution enables organizations to have increased visibility into the banking activity of its customers. It aggregates, and monitors the financial transactions of customers and identifies abnormal or suspicious transactions. Specifically, organizations can review selected categories of wire transfers and monitor them as required by the Bank Secrecy Act. In addition, it assists in the automating of Currency Transaction Reports (CTR), reporting to FinCen, and record-keeping.
- Streamline case management and SAR filings: This collaborative software collects and organizes information from Wiz Sentri modules and other bank systems to help investigation teams prioritize and manage cases based on your risk criteria. In addition, it automates the Suspicious Activity Report (SAR) filing process.
Wolters Kluwer Financial Services and Open Solutions will coordinate integration development on Wiz Sentri: RiskID and Wiz Sentri: Case Officer for ID verification/authentication and case management needs in 2007.