Thu, Oct 19, 2017
The MD|DC Credit Union Association has recently partnered with a new technology company, Pay Lynxs, that provides automated, affordable, and easy to use AML/BSA/OFAC compliance software. It's software tool SimpliRisk, automates the member transaction monitoring required by a number of government regulations for financial institutions.
Using SimpliRisk, your credit union determines and establishes different monitoring rules for each group of members (regular, business, employees, etc.) so that you can risk-rate members’ specific to the conditions or expectations for their individual relationships with your credit union. Your transaction monitoring rules run daily and contribute to the risk rating for each member, using a daily batch file feed from your core processing platform. SimpliRisk can integrate with any core processor to automate what can otherwise be an intensive, manual monitoring process. SimpliRisk’s software-as-a-service solution is designed specifically for credit unions between $10M - $300M in assets servicing 1,000 – 40,000 members. Pay Lynxs offers affordable plan tiers for credit unions starting at 1 – 6,000 members and requires no setup fee and no long-term contracts.
Pay Lynxs started in 2006 with a compliance and risk management software solution specific to supporting international money transfer. From 2007 - 2012 Pay Lynxs built out their international money transfer product, SimpliRemit, supporting over 22 countries, transferring over $350M annually with highly effective compliance, risk and fraud management functionality to achieve some of the lowest fraud rates in the online money transfer industry.
Pay Lynxs leveraged this experience to launch SimpliRisk in 2014 to support the complete AML, BSA, Watch list and Fraud detection services.
"We believe the addition of SimpliRisk enhances our compliance-geared offerings designed to provide credit unions with a powerful and easy to use tool to automate the required monitoring of member transactions, connecting seamlessly with a credit union’s core processor," said John Bratsakis, President/CEO of the MD|DC Credit Union Association.
The SimpliRisk product will replace manual monitoring and give your credit union a good platform to help with NCUA exams. If your credit union is thinking about transaction monitoring automation or have a NCUA finding to implement automation, SimpliRisk can provide comprehensive solutions.
To learn more, please visit SimpliRisk information page.
For more information, contact Steve Joiner, SVP CUSI, at firstname.lastname@example.org or 443-300-3241.