PALO
ALTO, Calif., July 31,
2024 /PRNewswire/ -- TransPecos Banks, an innovative
Texas-based community bank, has
selected Oscilar's innovative AI-Powered AML Risk Platform to
transform its compliance and risk management capabilities. This
strategic partnership will leverage the latest technology to
capitalize on growth opportunities in TransPecos Banks' fintech
programs while ensuring robust regulatory compliance. Upon
implementation of Oscilar's solution, TransPecos Banks will be
well-positioned to scale its BaaS offerings efficiently and
securely.
The rise of Banking-as-a-Service (BaaS) has intensified
regulatory scrutiny, especially regarding Anti-Money Laundering
(AML) compliance. Traditional AML tools struggle with fragmented
workflows, manual reporting, and scalability issues, often failing
to provide a unified view of fintech activities.
TransPecos Banks determined that to properly support multiple
fintech partners it had to implement a robust but manageable
compliance infrastructure. Utilizing Oscilar's Platform will allow
TransPecos to overcome common challenges of siloed data, limited
visibility into partner activities, and manual processes. It now is
able to scale safely, securely and with clear visibility and
customer deposit records. TransPecos sought a solution enabling
controlled growth while maintaining strict regulatory compliance.
They needed a system to enhance their operations, support staff in
managing partnerships effectively, and keep regulatory requirements
at the forefront of their expansion strategy, all without
dramatically increasing headcount.
"We were extremely impressed by Oscilar's capabilities from the
moment we saw them. Their technology presented exactly what we
needed in-house to support our growth ambitions while maintaining
control. What really impressed us was Oscilar's agility and
adaptability. The ability to enhance and refine our processes
quickly, especially in monitoring, is crucial. With Oscilar, we can
update rules and implement changes faster than with any other
platform we've seen. This responsiveness is invaluable,
particularly when it comes to adapting to new regulations. Oscilar
is a fintech company doing things the right way, giving us the
tools we need to grow confidently in this rapidly changing space."
– Michael Kozub, CEO, TransPecos
Banks.
Oscilar's AI-Powered AML Risk Platform emerged as the ideal
solution, offering:
- A centralized Mission Control Dashboard providing a portfolio
view of all fintech workflows and KPI metrics
- AI-driven case management with automated SAR and UAR filing
capabilities
- Advanced ML and GenAI-powered detection for complex risky
transactions
- Customizable workflows for various fintech products (credit,
debit, account opening, etc.)
Neha Narkhede, CEO and
Co-Founder, Oscilar, said: "Our partnership with TransPecos Banks
marks a pivotal moment in BaaS compliance. We recognize the unique
challenges TransPecos faces as they scale their fintech partners,
each with distinct risk profiles. Our collaboration enables
TransPecos Banks to redefine compliance in the BaaS space. Our
AI-powered AML Risk Decisioning Platform will help TransPecos
centralize oversight across their diverse fintech portfolio for all
products, from credit and debit to account opening. This approach
will not only streamline their operations but position them to meet
evolving regulatory expectations with confidence. Together, we're
setting a new standard for how banks can innovate and scale in the
fintech ecosystem while maintaining the highest compliance
standards."
The implementation of Oscilar's platform is expected to deliver
significant benefits to TransPecos, including:
- $3M+ Annual Cost Savings
- 40% Reduction in the cost of AML Operations: Fewer false
positive alerts with custom fintech workflows & alert
models
- 70% Reduction in Alert Review & Case Investigation:
Streamlined with single view of customer data, AML risk, AI case
summaries, and automatic evidence collection
- 80% Reduction in SAR Management Time: With SAR auto-fill,
AI SAR narratives, and 1-click
e-filing
- Efficiently scale technical and services FTEs over BaaS partner
programs
This collaboration between TransPecos Banks and Oscilar marks a
pivotal moment in BaaS compliance and risk management in the
rapidly evolving fintech ecosystem.
About Oscilar: Oscilar, the leading provider of
transformative AI-powered risk management solutions, empowers
institutions to manage onboarding, credit, fraud, and
compliance risks. At the heart of Oscilar's offerings is an
AI-powered risk decisioning platform that analyzes vast amounts of
data in real-time, identifying patterns and anomalies to detect
fraud, and money laundering activities, as well as,
optimize credit assessments. By leveraging advanced analytics,
Oscilar enhances decision-making speed and accuracy, ensuring high
security and regulatory compliance. Renowned globally for
innovation and excellence, Oscilar's team of data scientists, risk
management experts, and technology professionals continually push
the boundaries of decision intelligence, helping a broad array of
organizations, including banks, credit unions, and fintech
companies, navigate complex risk landscapes with confidence.
Learn more about Oscilar: https://oscilar.com/
Contact: press@oscilar.com
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SOURCE Oscilar