TOPIC: Wire Transfer

Demonstration | Online Banking & Digital Fraud: A Consolidated, Cross-Channel Solution to Prevent Losses - Join us Nov 4

November 04 at 12:30 PM - 01:30 PM EST
Online Banking & Digital Fraud: A Consolidated, Cross-Channel Solution to Prevent Losses
Protect Wire, ACH, and Mobile Deposit Channels with Speed and Confidence

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From mobile deposit fraud to unauthorized P2P transfers, opportunistic criminals are targeting digital channels to inflict massive losses. As more and more customers migrate to online banking, financial institutions must consider how a consolidated approach can mitigate fraud on digital and online channels, and proactively protect customers from loss.

Join us for an in-depth product demonstration as engaging experts demonstrate how Verafin’s Fraud Detection and Management solution combats fraud across digital channels, evolving alongside emerging trends, and providing rich insights and real-time monitoring.

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    OFAC Reporting Module - Fiserv ORM or FIS OFAC Watch?

    AVP at a bank ($379MUSA)
    I am being tasked with comparing OFAC search quality/cost with the Fiserv OFAC Reporting Inquiry and FIS Penley OFAC Watch products. 

    We currently use FIS OFAC Watch for wire transfers and new customers/signers/BOs that we do not run a QualiFile on. The reason we use FIS OFAC, I believe, is that you have the ability to enter more information on the person/entity being searched (i.e. address, country, etc.), which it would be logical to think that you'd have a lower number of "fails". We only use the Fiserv OFAC Inquiry for non-customer payees (monetary instruments purchased and on-us cashed checks). With Fiserv OFAC Reporting Inquiry, you only have the option to enter a name, which, in my mind, would likely result in more fails. However, while access to the same SDN/non-SDN lists is comparable, as I understand it, the FIS OFAC algorithms produce more false positives today than in the past.

    Does anyone else run everything through FIS OFAC Watch or Fiserv OFAC Inquiry exclusively over the other? Or do you use another vendor other than FIS? Thoughts you'd offer?

    Thanks!