TOPIC: Fiserv

Online Banking - Monitoring

Employee at a bank ($66MUSA)
Does anyone currently monitor their customers online activity manually? Or have you found a third party vendor that will monitor this for you? We need to enhance our process that we are doing now, and I am not sure that we can keep this process manually as there is just to much work.   What 3 party vendors are you using to help with monitoring your customers daily online transactions and login try's?

    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!