Secure Opening Plus

Currently banks are under pressure to reduce risk and implement compliant procedures for identifying customers and non-customers alike.  Banks are also always looking for new ways to become more efficient and customer service oriented. The simple solution to these issues is BANKCARS' Secure Opening Plus (SOP) system.

• Do you use an unreliable, slow, manual customer verification process while your customer waits in the bank?

All 50 states currently support digital identification on their driver's licenses. Using SOP, bank staff can simply swipe a state-issued or federally-issued ID, and the data from the magnetic stripe or bar code is loaded onto the screen automatically, saving time and improving accuracy.  This allows bank staff to compare the digital information to the front of the customer's ID in order to verify their identity, thereby exposing fraud.

• During the account opening process, do you duplicate your efforts and enter the same information in multiple applications?

Once the identification is scanned and the information is populated onto your identity check screen, you can populate all the screens in the bank's new account opening sequence by simply hitting a hot key using our unique key stroke emulation software. This feature eliminates any risk for inaccuracy due to keying errors.

• Does your system check against historical information rather than daily updated information and expose you to higher risks?

Secure Opening Plus provides a connection to the National Check Network, the largest identity-accessible database available. Updated continuously, this database offers real-time access to "adverse-action closed accounts" from banks and, more importantly, current information on unpaid returned checks from thousands of merchants in all 50 states. Our verification report will also check for any suspicious activities involving the customer's identity, and run an OFAC check for a match on the Office of Foreign Assets Control list.  Combined, these verifications provide the best way to reduce risk and ensure that good prospects are not declined. 

• Are bank CIP forms completed manually?

Secure Opening Plus allows banks to customize the identifying information their staff gathers on customers and non-customers.  This allows the bank to request and even require that staff gather information that complies with the bank's CIP and Identity Theft Prevention Programs. SOP also gives current and prior address verification, and produces a report with the analysis of results for record retention and review by the bank's compliance department, auditors, and examiners. 

• Do your Customer Service Representatives currently leave the new customer waiting while making a black and white paper copy of the customer's identification?

Secure Opening Plus offers an easy way to obtain a color digital image of documents on the spot at each CSR's desk, thus improving customer service and making the account opening process smoother for the customer. These images can also be saved in a secure file to be accessed by your bank's imaging system for later use.

• Are you manually typing denial notices for each of those accounts that do not pass the new account verification process?

Included in our system is an automated denial notice. If you choose to not open a new customer account, you can simply click a button to produce the denial notice with your bank's customized information and print it right from your desk.

IQ Risk Assessor

Today, banks are expected to not just know who their customers are, but have a better understanding of what they are doing and why in order to identify suspicious activities and risk rate them.  The BSA examination guidelines set forth a very long list of potential customer due diligence, or "know your customer," information that may be gathered by banks. But they don't tell you what's right for your bank, and they certainly don't indicate how you're supposed to communicate and enforce it among your staff.

IQ Risk Assessor offers a solution for those issues by providing:

• The flexibility to customize how a bank's risk ratings are performed in light of the bank's risks and practices

• A consistent risk rating methodology so that the bank can ensure bank staff is risk rating customers consistently.

• The ability to customize the due diligence information that is gathered so that the bank can require only the information that is appropriate for them and make it easier to ensure compliance among staff.

• The ability to mandate fields to force bank staff to comply, or if preferred by the bank, the ability to generate reports to highlight where staff is not complying.

• A seamless process for account opening, where Secure Opening Plus gathers and verifies identification information, and feeds that information to the IQ Risk Assessor. IQ Risk Assessor gathers customer due diligence and automatically calculates the customer's risk rating, and the information is mapped into the bank's core processing system to complete the account opening process.

• Increased efficiency for the bank's BSA staff as well, who can spend less time setting risk ratings, reviewing them and gathering customer due diligence information.

• Less time and burden for compliance staff to review and enforce the bank's customer identification, customer due diligence and risk rating procedures.

OFAC Scrub

Banks are required to routinely check their current customer database against the Office of Foreign Assets Control (OFAC) list.  With our automated OFAC Scrub product these database scans can be performed on a regular basis.  The OFAC Scrub product also includes FIN-CEN scrubs.  Through our partnership with Integra Systems we offer two options for administering these scans.

For large customer databases we offer a standalone server product that automatically scans your customer data on a daily basis. This product is installed on your server and it comes with a user-friendly interface that helps you manage your compliance. In addition, powerful reporting tools will allow management and auditors to view your compliance efforts.

The second option is a web-based product for smaller databases and for companies who only perform a few customer database scans per month. No installation is necessary, simply go to a website and login.

PEP Scrub

Through a partnership with Integra Systems and their provider, Info4C, we are able to provide a periodic Politically Exposed Person (PEP) search. 

The PEP database contains a comprehensive list of very clearly defined Politically Exposed Persons (PEPs), in more than 200 listed countries. Benefits include:

• In line with regulatory requirements. Built up on the basis of the definition of PEPs given by the regulators.

• More than 170,000 politically exposed persons from over 200 countries.

•  Audit proof. Full documentation with content description and review dates for auditors and regulators.

• Ideal structure for an efficient client portfolio check against the PEP list.

• Easy to integrate in any IT system.

• Complete, correct and updated.

• Official and most reliable sources.

• Fully and consistently structured.

• No irrelevant data.

• Date of birth, Place of birth, and alternative writing of the names available (Cyrillic, Arabic, etc.)

• PEPs remain in the database after leaving the official function.

• Reviewed by compliance specialists.