Meeting New
Compliance Needs
Solution
With the assistance of GeneXus USA, Ocean Systems developed ECS to analyze accounts and related accounts, searching for patterns of behavior that may indicate suspicious activity. ECS also monitors clients and account activity as required by the PATRIOT Act, automatically generating alerts as soon as unusual behavior is detected.
With the use of GXflow, assignment of roles and work flow processes may be easily configured. This allows for not only the Compliance Department but also other personnel such as account executives and customer representatives to participate in the gathering of information and follow-up of alerts.
The latest addition to the suite of compliance monitoring services is the Real Time Fraud Module introduced in 2011. It monitors and suspends SWIFT, ACH, and wire transfers when suspicious activity is detected.
Results
ECS has evolved over time, and is currently one of the most comprehensive compliance solutions in the market. It’s been implemented successfully in banks in the US and Latin America. The PREVENT module has proven to be an excellent complement as a major portion of the ECS installations have integrated it into their compliance solution.
All the solutions mentioned above are built in GeneXus. As new modules and enhancements are continuously added with a relatively small group of developers, GeneXus has repeatedly proven its productivity, not only by lowering costs but also in flexibility and quick time to market, enabling the solutions to compete in the years to come.
In 2009, Ocean Systems introduced a new ECS module called PREVENT to calculate the risk that each client represents to the bank. PREVENT assesses the entire customer portfolio by automatically applying product and service risk matrices to each account. GeneXus was also used to develop the user interface to the OFAC/PEP Server which scans lists published such as the US Office of Assets Control (OFAC), and assists banks in the Enhanced Due Diligence process by facilitating the search of blocked entities and Politically Exposed Persons (PEP).
With the assistance of GeneXus USA, Ocean Systems developed ECS to analyze accounts and related accounts, searching for patterns of behavior that may indicate suspicious activity. ECS also monitors clients and account activity as required by the PATRIOT Act, automatically generating alerts as soon as unusual behavior is detected.
With the use of GXflow, assignment of roles and work flow processes may be easily configured. This allows for not only the Compliance Department but also other personnel such as account executives and customer representatives to participate in the gathering of information and follow-up of alerts.
The latest addition to the suite of compliance monitoring services is the Real Time Fraud Module introduced in 2011. It monitors and suspends SWIFT, ACH, and wire transfers when suspicious activity is detected.
Results
ECS has evolved over time, and is currently one of the most comprehensive compliance solutions in the market. It’s been implemented successfully in banks in the US and Latin America. The PREVENT module has proven to be an excellent complement as a major portion of the ECS installations have integrated it into their compliance solution.
All the solutions mentioned above are built in GeneXus. As new modules and enhancements are continuously added with a relatively small group of developers, GeneXus has repeatedly proven its productivity, not only by lowering costs but also in flexibility and quick time to market, enabling the solutions to compete in the years to come.
In 2009, Ocean Systems introduced a new ECS module called PREVENT to calculate the risk that each client represents to the bank. PREVENT assesses the entire customer portfolio by automatically applying product and service risk matrices to each account. GeneXus was also used to develop the user interface to the OFAC/PEP Server which scans lists published such as the US Office of Assets Control (OFAC), and assists banks in the Enhanced Due Diligence process by facilitating the search of blocked entities and Politically Exposed Persons (PEP).