CBS AutoCTR helps relieve banks' compliance burden and achieve significant cost savings
Fiserv CBS Worldwide, a business unit of Fiserv Inc. (Nasdaq:FISV), today announced a strategic business alliance with Focus Technology Group to deliver a fully automated solution for currency transaction reporting to its financial institution clients.
Fiserv is introducing CBS AutoCTR (Currency Transaction Reporting) into its retail banking solution suite to enable an integrated and compliant currency transaction reporting process as required by both the Bank Secrecy Act and the Money Laundering Control Act. As financial institutions face growing regulatory scrutiny, this comprehensive solution will support the creation, filing and auditing of currency transaction reports, with full exemption management and aggregation capabilities. With CBS AutoCTR, financial institutions can automate all aspects of currency transaction reporting, significantly reducing their operational costs and the risk of noncompliance.
"Currency transaction reporting is an inherently complex business problem, given the span of systems and people that must interact to execute the corresponding business processes. This leads to critical gaps in CTR throughout the industry that we feel are unacceptable," said Virginia Garcia, Global Strategist for Risk Management and Compliance at Fiserv CBS Worldwide. "Fiserv's CBS AutoCTR solution will allow banks to comply fully with a regulatory mandate while delivering business benefits that are visible throughout the organization. Beyond the obvious operational efficiency gains, CBS AutoCTR relieves bank tellers of the CTR compliance burden, freeing them to focus on customer service."
Focus Technology Group's comprehensive solution for currency transaction reporting, strong CTR domain expertise and ease of integration with existing systems allows financial institutions, such as Fiserv client North Fork Bank, to automate processes seamlessly across the organization and tellers to complete transactions without unnecessary disruption to the customer experience.
About Focus Technology Group
Focus Technology Group of West Peabody, Mass., has been providing fraud detection, audit, and compliance products for the banking industry since 1985 and supports more than 300 domestic and international installations. For more information, please visit www.FocusTechnologyGroup.com.
About Fiserv CBS Worldwide
Fiserv CBS Worldwide, a unit of Fiserv Inc. (Nasdaq: FISV), delivers end-to-end business and technology solutions for retail financial organizations, consumer finance institutions and credit unions throughout Europe, Asia-Pacific, Latin America, the Caribbean, Canada and the United States. Through its offices in the U.S., the United Kingdom, Poland, Singapore, Australia, China, Indonesia, Colombia and Costa Rica, Fiserv CBS Worldwide enables nearly 300 financial institutions to deliver integrated solutions for managing the entire customer life cycle, from core banking to multichannel customer contact and data warehousing. Visit Fiserv CBS Worldwide on the Web at www.fiservcbs.com.
About Fiserv Inc.
Fiserv Inc. (Nasdaq: FISV), a Fortune 500 company, provides information management systems and services to the financial and health benefits industries. Leading services include transaction processing, outsourcing, business process outsourcing, software and systems solutions. The company serves more than 17,000 clients worldwide and is the leading provider of core processing solutions for U.S. banks, credit unions and thrifts. Fiserv was ranked the largest provider of information technology services to the financial services industry worldwide in the 2005 and 2004 FinTech 100 surveys. Fiserv Health provides health plan management, pharmacy benefits management and BPO services to the managed care market and self-funded commercial and government employers and health plans. Headquartered in Brookfield, Wis., Fiserv reported more than $4 billion in total revenue for 2005. For more information, please visit www.fiserv.com.