Risk Assessments beyond ACH…and PAPERLESS with the Risk Review Worksheet: Risk Analysis Across Multiple Payment Channels

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If You Are Challenged with Risk Assessments....READ ON! The new Risk Review Worksheet from Centrix Solutions streamlines risk assessments when analyzing data from multiple transaction channels. The risk worksheet is customizable for each financial institution (FI) and was developed as an extension of the Centrix Payments I.Q. System™ (PIQS), which also encompasses ACH origination monitoring and ACH risk reporting.

The worksheet allows us to look at a customer’s relationship across multiple channels with much less effort than when we were manually consolidating the data. This is a real time saver!

Centrix Solutions, Inc. (http://www.centrixsolutions.com) announces the release of the customer risk review worksheet to streamline risk assessments when analyzing data from multiple transaction channels (see sample worksheet). The risk worksheet is customizable for each financial institution (FI) and was developed as an extension of the Centrix Payments I.Q. System™ (PIQS), which also encompasses ACH origination monitoring to detect fraudulent files and ACH risk reporting. PIQS is used by financial institutions across the country to safeguard against ACH fraud, streamline ACH operations and facilitate compliance with NACHA and regulatory guidelines.

The new risk review worksheet was designed to greatly simplify the customer risk assessment and review process, which is typically very labor intensive for community financial institutions. With automated integration points from other channels such as loans, deposits, wires and remote deposit capture, and an online workflow process with a robust user interface for those analyzing the data, the risk assessment becomes a paperless process. “Bringing all relevant risk-related data into a single view without manual data gathering is an invaluable tool for financial institutions,” according to Tim Schnell, President of Centrix. “In terms of customer risk management, this is groundbreaking for the community bank market and something that our client base is very excited about."

Kendra Coffey, SVP of Deposit Operations at Sunwest Bank in Irvine, CA sees many benefits in PIQS. According to Ms. Coffey, “We view a system like Centrix PIQS as a necessity for Sunwest Bank. PIQS allows us to protect the bank and our customers from ACH fraud and better manage ACH origination risk, while also optimizing efficiency within ACH operations. One of the most valuable features is the risk worksheet that Centrix developed to simplify periodic customer-level risk assessments. The worksheet allows us to look at a customer’s relationship across multiple channels with much less effort than when we were manually consolidating the data. This is a real time saver!”

Because each financial institution may differ in the way they approach risk assessments, the architecture of the PIQS risk worksheet is extensible, which allows each FI to choose the data sources and individual data elements that are needed for the review process. According to Schnell, this design provides extensive flexibility. “We understand that each FI is unique when evaluating customer risk. As such, the risk worksheet was designed so that the platform remains affordable even though it may be customized to the data requirements of the institution.”

In addition to the risk review worksheet, PIQS monitors and validates all ACH origination activity, regardless of whether a file is submitted via the on-line banking system or through an alternate channel such as FTP. The validation rules engine includes ACH calendaring to insure the file is scheduled and ACH “white list validation” to verify that each transaction record in an ACH file is valid for that file. Suspect files are suspended for review by the financial institution. PIQS also provides comprehensive ACH risk reporting to meet NACHA and regulatory guidelines for ACH risk management. This includes trend line analysis by originator, return rate monitoring, and transaction volume reporting.

About Centrix Solutions, Inc.

Centrix Solutions, located in Lincoln, Nebraska, provides financial institutions with products and services to help manage risk and optimize efficiency. With a product line that encompasses treasury management, compliance & risk management and bank operations, Centrix provides clients with a broad array of strategic technology solutions. The Centrix professional services team also evaluates technology needs, provides expert advice, and develops custom solutions for unique business problems or systems integration projects. More information can be found at http://www.centrixsolutions.com.

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Brad Johnson
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