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 non-compliance.
“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.
