The benefits of using the BANKCARS Secure Opening Plus System include but are not limited to:

-- Regulatory Compliance
-- ID Theft Prevention
-- Efficiency and Cost Reduction
-- Audit Ease
-- Guaranteed Consistency of Information

Regulatory Compliance 

"Automating BSA Compliance made our regulatory exam a non-event."
      - Queensborough National Bank and Trust

If you are looking for a way to make your regulatory examinations a non-issue, then Secure Opening Plus is the answer.  Secure Opening Plus assists financial institutions in obtaining identifying information and opening accounts quickly and efficiently with fewer human errors.  In addition to the operational benefits, Secure Opening Plus has a number of compliance benefits, including:

• Giving institutions the flexibility to customize the account opening fields to reflect the institution's policies and procedures,

• Enabling the institution to mandate fields so account opening staff is required to complete them, and

• Giving institutions automated tools to meet their regulatory requirements, including the OFAC, Customer Identification Program ("CIP") and Identity Theft Red Flag Program requirements.

Secure Opening Plus along with Metavante Risk and Compliance Services can help an institution meet its Identity Theft Red Flag requirements. Listed below are a few of the Red Flags that are addressed by Secure Opening Plus. For a full listing please see our ID Theft White Paper in our documentation section.

1. A consumer report indicates a pattern of activity that is inconsistent with the history and usual pattern of activity of an applicant or customer, such as an account that was closed for cause or identified for abuse of account privileges by a financial institution or creditor. 

2. Documents provided for identification appear to have been altered or forged.

3. Other information on the identification is not consistent with information provided by the person opening a new covered account or customer presenting the identification.

4. Personal identifying information provided is inconsistent when compared against external information sources used by the financial institution or creditor.
For example:

a. The address does not match any address in the consumer report; or

b. The Social Security Number (SSN) has not been issued, or is listed on the Social Security Administration's Death Master File.

5. Personal identifying information provided by the customer is not consistent with other personal identifying information provided by the customer. For example, there is a lack of correlation between the SSN range and date of birth.

6. Personal identifying information provided is of a type commonly associated with fraudulent activity as indicated by internal or third-party sources used by the financial institution or creditor. For example:

a. The address on an application is fictitious, a mail drop, or a prison; or

b. The phone number is invalid, or is associated with a pager or answering service.

7. The SSN provided is the same as that submitted by other persons opening an account or other customers.

8. The person opening the covered account or the customer fails to provide all required personal identifying information on an application or in response to notification that the application is incomplete.

ID Theft Prevention

Unlike most identification card scanner programs Secure Opening Plus is able to read the information housed on the back of the card in either the magnetic stripe or 2D bar code.  This allows your Customer Service Representatives to verify that the information on the back of the card matches that on the front of the card. One of the most common types of identity theft is altering the front of the driver's license, however it is very difficult, if not impossible, to alter the digital information on the back.

Secure Opening Plus also offers an identity manipulation risk score for your new customers and current customer database. The BANKCARS ID Analysis included in your report will display a risk rating. This rating is the amount of risk that a certain customer's identity may be being subtly manipulated.

Efficiency and Cost Reduction

Secure Opening Plus will greatly reduce the amount of time it takes for a Customer Service Rep to open an account. It has been reported that opening an account from start to finish with SOP generally takes no longer than 15 minutes.  There is no need to hand key every field in the account opening sequence, and with a single keystroke the account information will populate into your core banking system.

An additional time saving feature is that the system will automatically generate the denial letter on your bank's letter head.  There is no need to manually type the notice each time.

Another key benefit is our competitive cost structure. All the compliance requirements mandated to financial institutions can greatly increase the cost of doing business.  Secure Opening Plus is a lower cost alternative for addressing the growing number of regulatory mandates.

Your staff will have more time to cross sell other important bank products and allow duties to be allocated more efficiently; saving time, reducing your costs, and potentially improving revenues.

Audit Ease

With Secure Opening Plus, each account that is opened generates a report that can be printed or saved in a secure file for later access. This report lists all the customer's information, the risk profile, the National Check Network information, as well as everything that was checked, whether it passed or failed the evaluation, for your Customer Information Program (CIP). When an examiner requests to see your customer files you can simply refer them to the one folder that holds every report. No need to dig through a paper filing system.

Guaranteed Consistency of Information

Banks continually strive to collect consistent customer identification information since this information affects both compliance and back office operations.  Traditional procedures in account opening typically require a bank's back office operations to review all transactions for accuracy and consistency.  With one point of entry for all of your new customer data and very little hand keying required due to the advantages of our Drivers License reader, you will realize time and financial savings.  Secure Opening Plus provides a new level of guaranteeing consistency of your important customer data.