Wire Transfer Automation
WATCH Lists / OFAC / PEP
AML / BSA Monitoring
Wire Transfer Automation
Our ECS Enhanced Compliance Solution (ECS) is a comprehensive AML transaction monitoring system designed in accordance with U.S.A. PATRIOT Act statutes, to detect and properly document suspicious & potentially fraudulent behavior. The unique “hidden relationship” functionality of ECS monitors activity or patterns of behavior among persons and groups of customers. Signatories, beneficiaries and even non-customers that form part of customer relationships.
PREVENT systematically and continuously assesses the risk on all your accounts through the evaluation of risk factors related to each account.. This ensures up-to-date risk assessment of all your accounts, at all times, and in line with your risk policy. Account Risk, the cornerstone that drives your AML transaction monitoring, review procedures, and due diligence requirements, can be automatically updated as frequently as transactions are processed and information is gathered on accounts. With its ability to dynamically re-evaluate and fine-tune risk criteria, the impact on changes to your risk policies can be easily reviewed and implemented through the use of a quick and friendly reiterative process.
Our Fraud Monitoring module, RETINA, provides an automated means to monitor transactions such as Fedwires, SWIFT, and ACH, on a real time basis prior to their release. Using a diverse array of monitoring rules configured by the bank's fraud prevention department, RETINA guards your bank against fraudulent activity by suspending the transactions and producing alerts.
Ocean Systems’ premier wire transfer product, FedLink, comprises modules that fully automate the wire transfer operation. The FedLink core module receives and repairs wire transfers from the Federal Reserve and automatically posts entries to client accounts, providing full disclosure on customer statements.
FedLink Anywhere eliminates the time consuming job of manually preparing customer wire requests. Its Web-based design allows bank customers and branch personnel to securely prepare and authorize wire transfer requests from anywhere in the world. The FedLink Anywhere module provides a Web-based front end for remote branches and bank customers.
FEDLINK DIRECT CONNECT
For banks with high wire transfer volumes or short service windows, FedLink Direct Connect links your wire transfer application to the Federal Reserve Bank (FRB), bypassing FedLine Advantage. Operating as an unattended server application, wire transfers are instantly received and sent to the FRB upon approval without operator intervention. FedLink Direct Connect is certified by the FRB to process messages in accordance to FRB’s protocol and specifications.
FedMail automates the task of advising customers when transfers are received or sent. Once a transfer is approved in FedLink, FedMail immediately produces an advice via either email or fax. Account Officers and branches may be set up to automatically receive copies of the advices whenever a transfer is approved for a corresponding customer.
The SWIFT Interface Module integrates with FedLink providing Straight Through Processing (STP) of SWIFT messages through the Federal Reserve’s Fedwire system. The conversion and flow of messages are facilitated without manual intervention, reducing manual work and service times.
FedLink’s Multicurrency Module streamlines your international payment process by obtaining Foreign Exchange (FX) Rates in real time from your FX processor. With no need for manual intervention, special FX rates are assigned to large payments, or to specific customers, using pre-negotiated pricing tiers and margins.
Our OFAC EDD Server scans lists published by the US Office of Assets Control (OFAC), the Bank of England (BOE) and other sources. It is designed not only to scan blocked entities but also to assist banks in the process of Enhanced Due Diligence (EDD) by searching through other databases such as lists of Politically Exposed Persons (PEP) . Its Search History functionality is specifically designed to comply with FinCEN requests and subpoenas by scanning client databases and transaction history.
Term and Conditions
Ocean Systems, Inc.
Federal and state agencies have intensified the focus and scope of institutional requirements within compliance departments, specifically, regulatory procedures and practices. In order to establish and maintain the enhanced regulatory compliance standards and requirements, strengthened programs must be considered. The fundamental element of a strengthened regulatory and compliance program, is the proper use of technology. Maximum utilization of technology can be defined, as the ability to provide the flexibility necessary, to meet both current requirements and adapt to the dynamic changes certain to define the new normal in the world of regulatory compliance.
Ocean Systems has established an extended track record of excellence with both regulators and financial institutions globally. Our customized AML monitoring software is designed to provide compliance monitoring without compromise. This is accomplished by the development of features rich automated systems, which provide component oriented tools, enabling institutions to build and maintain a compliant environment. Ocean Systems’ AML software solutions are designed and implemented to meet financial institutions compliance needs for the challenging and evolving compliance environment.
Ocean Systems’ primary objective remains keeping your institution a step ahead in meeting your regulatory compliance obligations. The Ocean Systems’ team is available to discuss the specific needs and requirements at your institution. We encourage you to contact us and look forward to hearing from you.
Ocean Systems, Inc.
Marina Lakes Business Park
4960 SW 72 Avenue, Suite 210, Miami - FL. 33155
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