WAUSAU Financial Systems' Location Awareness feature identifies where RDC deposits are captured and transmitted, allowing financial institutions to keep a pulse on suspicious activity.
MOSINEE, Wis. (PRWEB) March 10, 2014
WAUSAU Financial Systems, the provider of best-of-breed financial technology, services and solutions, today announced Location Awareness, a new feature for its Risk Monitoring module, part of the Deposit 24/7 remote deposit capture (RDC) Suite. Location Awareness identifies where RDC deposits are captured and transmitted, allowing financial institutions to keep a pulse on suspicious activity.
Location Awareness leverages IP addresses to track transmission and capture locations. WAUSAU Financial Systems’ Deposit 24/7 Risk Monitoring alerts financial institutions if deposits are made outside the expected transmitted location, providing greater visibility to potential fraudulent activities. Once identified, a bank can review the transaction and determine if action is required.
“Until now, financial institutions have struggled to accurately identify exactly where their RDC deposits were captured,” said Jason Olson, solution manager at WAUSAU Financial Systems. “Now, not only can financial institutions quickly identify where the deposit was made, but they can also provide this information to auditors in no time.”
The banking industry today is riddled with evolving regulations from the FFIEC and other regulatory bodies. One condition of the Know Your Customer regulation states financial institutions must better understand customers through identifying deposit locations. Ultimately, this measure helps protect banks from fraudulent activity and helps them meet internal and external audits.
“Bank interest in RDC location awareness capabilities has been compliance driven,” said Bob Meara, senior analyst at Celent. “Beyond compliance, however, RDC location awareness is an important component of sensible RDC risk management.”
Other features of Location Awareness include:
- Risk Ratings – Users assign ratings to each flag, which are weighted based on the users’ preference.
- Prioritization – Transactions are organized and prioritized by the rating associated with the items flagged.
- Location Information – Financial institutions are provided with existing information on a location when the area is flagged.
“At WAUSAU, we listen to our customers’ needs and tailor our solutions accordingly to help them grow their business,” said Gary Cawthorne, CEO of WAUSAU Financial Systems. “Location Awareness is a great example of a product driven by customer demand. We also recently introduced a multilingual capability for RDC for the same reason.”
Location Awareness will be available in April 2014. To learn more about the feature, visit http://www.wausaufs.com/locationawareness.