Cypress Software Systems has introduced Red Flag/Patriot Act/OFAC Compliance Module for its Mark IV consumer lending software. Reportedly, the new offering gives financial institutions necessary checks and balances during the loan underwriting process to prevent and report fraudulent and terror-related activities.
The company claimed that during the loan application process, the module ‘scrubs’ every piece of information to provide comprehensive homeland security requirements. The system automatically performs several tasks, including: verifying the identity of each applicant as stated under Section 326 of the US Patriot Act, checking applicants’ names against the latest Office of Foreign Assets Control (OFAC) lists and combating identity theft by complying with the Red Flag rules as outlined in the Fair and Accurate Credit Transactions Act (FACTA).
Cypress’ has stated that its products include Mark IV, a loan software platform that automates the consumer loan application and decisioning process. With Mark IV, service associates electronically input application information while interviewing customers. It helps financial institutions mitigate credit risk management.
Steve Croft, senior vice president of Cypress Software Systems, said: “Scams like identity theft are growing concerns for financial institutions and consumers alike, and this module, combined with our automated lending software, gives them added protection against increasingly sophisticated fraud techniques.”
