Metavante Increasing Cross Sells With Newly Integrated Anti-Money Laundering Solution
June 13 2006 - 8:00AM
Business Wire
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." Metavante's Risk and
Compliance Solutions assists clients in developing efficient and
sustainable risk programs to identify and manage the seen and
unforeseen risks inherent in today's financial services operations.
By combining operational risk and compliance acumen with financial
services expertise and enabling technologies, Metavante helps
clients reduce their risk management burden and grow their
business. Offerings include business consulting and technology
solutions for: enterprise risk programs; business continuity and
information technology recovery planning; information security and
privacy; fraud detection and prevention; and regulatory compliance,
including: Bank Secrecy Act, USA PATRIOT Act, Basel II, Sarbanes
Oxley and Graham Leach Bliley. About Bank of Hawaii Bank of Hawaii
Corporation is a regional financial services company serving
businesses, consumers and governments in Hawaii, American Samoa and
the West Pacific. The company's principal subsidiary, Bank of
Hawaii, was founded in 1897 and is the largest independent
financial institution in Hawaii. For more information about Bank of
Hawaii Corporation, see the company's website, www.boh.com. About
Metavante Metavante Corporation delivers banking and payments
technologies to financial services firms and businesses worldwide.
Metavante products and services drive account processing for
deposit, loan and trust systems, image-based and conventional check
processing, electronic funds transfer, consumer healthcare
payments, and electronic presentment and payment. Headquartered in
Milwaukee, Metavante (www.metavante.com) is wholly owned by
Marshall & Ilsley Corporation (NYSE:MI). Metavante is a
registered trademark of Metavante Corporation.
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