Gifts Software, a New York, N.Y.-based provider of anti-money laundering and Office of Foreign Assets Control (OFAC) compliance solutions, and Glastonbury, Conn.-based Open Solutions, a leading provider of integrated enabling technologies for financial service providers in the United States, Canada and international markets, have announced a strategic referral partnership.
Under the terms of the agreement, Open Solutions will recommend GIFTS Software's GIFTSWEB Enhanced Due Diligence anti-money laundering and OFAC solution and the eGIFTS wire transfer solution to clients.
The alliance gives Open Solutions' clients access to a comprehensive, browser-based product that addresses anti-money laundering and OFAC requirements of the Bank Secrecy Act (BSA) and USA Patriot Act of 2001. Additionally, Open Solutions' clients gain access to a leading-edge wire transfer / payments solution with Fedwire, ACH, Check, CHIPS and SWIFT functionality that streamlines the payments process, increases straight-through processing, reduces costs and increases fee income revenue.
"We are very excited about our alliance with Open Solutions," said Paul Gdanski, vice president, sales at GIFTS Software. "We look forward to working with Open Solutions and assisting their clients in addressing BSA, USA Patriot Act and anti-money laundering software solution / transaction monitoring requirements."
Through the partnership, other GIFTS Software products, including a Web-based cash management solution, as well as an investigation and compensation system, will be available to Open Solutions' clients.
"We see tremendous value in this new alliance with GIFTS," said Ron Young, Open Solutions vice president, Product Strategy and Management. "Our goal at Open Solutions has always been to provide our clients with a range of top-quality product options. We recognize that security and compliance issues are of significant concern to our clients and as such, we want to provide proven solutions to help them better manage these complex, ever-changing issues. Knowing that GIFTS shares our passion for excellence and innovation, we're confident about recommending their products and services to our clients."