Source: Open Solutions
Open Solutions, a leading provider of integrated enabling technologies for financial service providers across the United States, Canada and international markets, and BANKDetect, a knowledge-based technology company that focuses on loss prevention and compliance for financial industries, announced they have extended their partnership referral agreement to include additional risk mitigation, fraud, compliance and anti-money laundering solutions.
Since 2002, Open Solutions' has offered its clients integrated access to BANKDetect's RiskTracker - A3, an installed account activity analysis system that analyzes daily banking transactions to detect and highlight a wide variety of fraud and abuse threats, as well as RiskFinder, an installed new account screening system that performs identity verification (name, address, phone, zip, social security number), searches the OFAC and PLC lists and provides composite risk assessment of new customers.
Based on client demand and the success of the initial partnership, Open Solutions and BANKDetect have expanded the partnership, now giving Open Solutions' clients access to: RiskTracker - AML; RiskTracker - A3/AML; RiskTracker - OFAC; RiskTracker - OFAC Scrub; RiskTracker - ID/CIP; and RiskTracker - CIP Manager.
"Financial institutions are feeling the pressure of increased money laundering and terrorism threats, which are compounded with tightening regulatory requirements," said Robert Cofod, president and chairman of BANKDetect. "BANKDetect's solutions are designed to immediately alert financial institutions to suspicious activity, giving the institution the assurance necessary to meet regulatory needs and the peace of mind to focus efforts on better serving their customers' needs. Given the current environment, we believe fraud prevention and compliance solutions are an essential component to every institution's long-term success. We look forward to delivering even more preventative solutions to Open Solutions' clients."
With origins in the intelligence and law enforcement communities, BANKDetect has provided financial institutions with advanced analysis for the detection of fraud, money laundering and terrorism financing since 1996. Through the expanded partnership agreement, Open Solutions' clients will now have the ability to automatically generate suspicious activity and counter-terrorism reports. These reports are automatically documented and attached to the internal case management system. Additionally, the system includes customer profiling, customer linking and case management functionality.
Open Solutions Senior Vice President and Chief Marketing Officer Mike Nicastro said, "We recognize that fraud and money laundering activities are a growing concern for our clients. Realizing that traditional after-the-fact recovery methods are both costly and ineffective, we are pleased to offer our clients access to sophisticated solutions focused on prevention and risk mitigation. Our five-year partnership with BANKDetect has been successful and we look forward to expanding our alliance to give our clients access to even more industry-leading solutions."