CHARLOTTE, N.C. (10/31/11)--ATTUS Technologies Inc., an affiliate company of Computer Services, Inc. and a regulatory compliance solutions provider, has released an enhanced version of its WatchDOG Wire Software is ready for release when Federal Reserve changes go into effect Nov. 19.
The Federal Reserve Banks will be implementing a new message format to support extended-character business remittance information, an improved cover payments solution, a new field to support payment notification and better alignment with the SWIFT message formats. Several additional minor changes will also be implemented. The Federal Reserve Banks will be implementing software changes on November 19, 2011, so that the new message format will be ready to use at the opening of the funds transfer business day for Nov. 21.
In addition to BSA/AML compliance, WatchDOG Wire handles financial institutions' compliance with the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) with real-time screening of incoming and outgoing wires for potential OFAC terrorist watch-list hits. Failure to comply with BSA/AML or OFAC regulations can result in costly, if not devastating, financial penalties.
WatchDOG Wire helps institutions mark and track any potential risk related to a customer or transfer. It also creates default reports with frequency and amounts of wires by date and customer and wire funds velocity by account number and time period.
"Our entire wire process has been enhanced as we are able to process wires faster and more efficiently--while complying with OFAC," said Melanie Main, of Savings Institute Bank & Trust.
WatchDOG Wire minimizes errors by automatically validating ABA routing numbers, reducing the amount of work and time spent by an institution's staff by streamlining the wire creation and approval process, enabling the creation of wire templates for recurring transactions, and providing quick access to and facilitating the assignment and auditing of all transaction information.