Bank of Hawaii in production with Metavante AML compliance system on ASP
13 June 2006 | 2300 views | 0
Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI), today announced that 10 clients have signed up for its Bank Secrecy Act (BSA) solution that is now offered in a new application service provider (ASP) environment. With nearly 70 existing licensed compliance software installations, BSA Reporter, an automated anti-money laundering (AML) application, has been successfully integrated into Metavante's Integrated Banking Solution (IBS).
Metavante IBS clients can now effectively comply with regulatory requirements with BSA Reporter, which detects, analyzes and reports suspicious transaction activity, while experiencing the benefits of an ASP environment and full integration within its outsourced banking solution. Bank of Hawaii, the largest independent financial institution in Hawaii, is the first client in production with BSA Reporter on an ASP platform and is experiencing success with the solution.
"As we've continued to expand and grow our business, the process of adhering to regulatory compliance, like the Bank Secrecy Act and USA PATRIOT Act, has become increasingly difficult," said Macy Lee, vice president and Bank Secrecy Act officer, Bank of Hawaii. "With BSA Reporter, we get an advanced tool that helps us more effectively detect suspicious activity by automating transactional analysis and government reporting and improving case management documentation. When you combine the solid AML functionality offered by BSA Reporter with the integration to our core processing system from Metavante, it was an easy decision."
BSA Reporter provides Bank Secrecy Act compliant anti-money laundering functions such as: suspicious activity detection, customer and peer group profiling, rules-based analytics, case management, powerful querying capability and reporting functions. Additionally, it evaluates all transactions against profiles through a centralized data warehouse, and ensures your organization is in compliance with regulatory requirements. BSA Reporter is developed by Metavante's Prime Associates unit, acquired in 2005.
"Regulators are very focused on banks' anti-money laundering programs, often requiring the automation of manual transaction monitoring processes," said Gary Refinski, executive vice president, Metavante Corporation. "Integrating BSA Reporter into our outsourced banking solution empowers our clients with a single system of record to manage their banking operations and regulatory issues, which eliminates the need to work with multiple vendors and ultimately results in greater efficiencies."