Compliance Technology making a difference...
You’ve come to the right place if you’re seeking high quality, feature rich solutions for your bank compliance needs. Ocean Systems, Inc. (OSI) is focused on automation and compliance, specializing in software solutions for the financial and banking industry.
Our modular product offering allows you to choose from a suite of interrelated products that may be combined to meet your specific needs. Our product suite includes the FedLink Wire Automation family of products, the Enhanced Compliance Solution (ECS) for BSA and AML monitoring, and the OFAC / PEP Server to facilitate the enhanced due diligence of your customers.
We distinguish ourselves in every installation by applying our expertise, and taking the time to integrate our products to your core systems and operations, rather than simply installing “out of the box” software. As a result, our bank customers significantly streamline their operations, minimize their operational risk, and achieve excellent customer service, while at the same time comply with all related regulatory requirements.
Our combination of products and the capability to select and integrate specific modules from our product suite, sets Ocean Systems apart from other solution providers.
Operating from its offices in Miami, Florida since 1991, OSI is a certified vendor of the Federal Reserve Bank and of MasterCard. Its software products are installed both domestically and internationally in over than 220 installations in the United States, Central and South America, the Caribbean and Europe.
Ocean Systems, Inc. (OSI) is a software development company specializing in Compliance and Electronic Funds Transfer (EFT) applications for the financial and banking industry. OSI’s core software products include the FedLink Wire Automation product, the OFAC EDD Server, and the Enhanced Compliance Solution (ECS). Since it was founded in 1991, OSI has played a leadership role in software engagements in compliance solutions related to bank payment systems concerning ACH, Wire Transfers, ATM, and POS.
Operating from its offices in Miami, Florida, OSI is a certified vendor of the Federal Reserve Bank and of MasterCard. Its software products are installed both domestically and internationally in more than 220 installations in the United States, Central and South America, the Caribbean and Europe.
Compliance Related Products:
ECS Enhanced Compliance Solution is a comprehensive monitoring system, designed to assist Financial Institutions with the detection and proper documentation of fraudulent behavior and with the compliance of the corresponding sections of the US PATRIOT Act. These include Sections 312, 313, 314 A B, 319, and 326 (CIP) of the PATRIOT Act. Alerts are generated when abnormal behavior is detected for research, follow-up, and compliance reporting.
ECS offers a unique relationship functionality that monitors activity or patterns of behavior between persons and groups of customers. Signatories, beneficiaries and even non-customers can be related to customer relationships, allowing the system to analyze and track suspicious transactions amongst persons that are not related to the same customer.
The OFAC EDD Server scans lists published by the US Office of Assets Control (OFAC) and other sources. It is designed to scan lists of blocked entities and 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. Most any type of data can be processed, depending on the options procured and configured.
Electronic Funds Transfer Products:
OSI’s premier wire transfer product, FedLink, is composed of various modules that 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. The FedLink Anywhere module provides a web based front-end for remote branches and bank customers. Customer requests are authenticated using electronic signatures to eliminate the need for call-back with a fax image option that processes requests via tested faxes. Officers and CSRs may review client requests prior to submitting to the wire room.
Our group shares one common goal: to apply our experience, creativity and use of technology to provide and implement solutions that automate operations within the banking and financial industries. Our solutions are a balance between the need to solve problems in the short term while providing for future growth, an equilibrium between proven systems and new technologies.
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