Marshall & Ilsley (NYSE:MI)
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Metavante Corporation, the financial technology
subsidiary of Marshall & Ilsley Corporation (NYSE:MI), today announced
that 10 clients have signed up for its Bank Secrecy Act (BSA) solution
that is now offered in a new application service provider (ASP)
environment. With nearly 70 existing licensed compliance software
installations, BSA Reporter, an automated anti-money laundering (AML)
application, has been successfully integrated into Metavante's
Integrated Banking Solution (IBS).
Metavante IBS clients can now effectively comply with regulatory
requirements with BSA Reporter, which detects, analyzes and reports
suspicious transaction activity, while experiencing the benefits of an
ASP environment and full integration within its outsourced banking
solution. Bank of Hawaii, the largest independent financial
institution in Hawaii, is the first client in production with BSA
Reporter on an ASP platform and is experiencing success with the
solution.
"As we've continued to expand and grow our business, the process
of adhering to regulatory compliance, like the Bank Secrecy Act and
USA PATRIOT Act, has become increasingly difficult," said Macy Lee,
vice president and Bank Secrecy Act officer, Bank of Hawaii. "With BSA
Reporter, we get an advanced tool that helps us more effectively
detect suspicious activity by automating transactional analysis and
government reporting and improving case management documentation. When
you combine the solid AML functionality offered by BSA Reporter with
the integration to our core processing system from Metavante, it was
an easy decision."
BSA Reporter provides Bank Secrecy Act compliant anti-money
laundering functions such as: suspicious activity detection, customer
and peer group profiling, rules-based analytics, case management,
powerful querying capability and reporting functions. Additionally, it
evaluates all transactions against profiles through a centralized data
warehouse, and ensures your organization is in compliance with
regulatory requirements. BSA Reporter is developed by Metavante's
Prime Associates unit, acquired in 2005.
"Regulators are very focused on banks' anti-money laundering
programs, often requiring the automation of manual transaction
monitoring processes," said Gary Refinski, executive vice president,
Metavante Corporation. "Integrating BSA Reporter into our outsourced
banking solution empowers our clients with a single system of record
to manage their banking operations and regulatory issues, which
eliminates the need to work with multiple vendors and ultimately
results in greater efficiencies."
Metavante's Risk and Compliance Solutions assists clients in
developing efficient and sustainable risk programs to identify and
manage the seen and unforeseen risks inherent in today's financial
services operations. By combining operational risk and compliance
acumen with financial services expertise and enabling technologies,
Metavante helps clients reduce their risk management burden and grow
their business. Offerings include business consulting and technology
solutions for: enterprise risk programs; business continuity and
information technology recovery planning; information security and
privacy; fraud detection and prevention; and regulatory compliance,
including: Bank Secrecy Act, USA PATRIOT Act, Basel II, Sarbanes Oxley
and Graham Leach Bliley.
About Bank of Hawaii
Bank of Hawaii Corporation is a regional financial services
company serving businesses, consumers and governments in Hawaii,
American Samoa and the West Pacific. The company's principal
subsidiary, Bank of Hawaii, was founded in 1897 and is the largest
independent financial institution in Hawaii. For more information
about Bank of Hawaii Corporation, see the company's website,
www.boh.com.
About Metavante
Metavante Corporation delivers banking and payments technologies
to financial services firms and businesses worldwide. Metavante
products and services drive account processing for deposit, loan and
trust systems, image-based and conventional check processing,
electronic funds transfer, consumer healthcare payments, and
electronic presentment and payment. Headquartered in Milwaukee,
Metavante (www.metavante.com) is wholly owned by Marshall & Ilsley
Corporation (NYSE:MI).
Metavante is a registered trademark of Metavante Corporation.