News

GIFTS Software's strategic alliance with open solutions results in Members Plus Credit Union selecting the "GIFTSWEB EDD" solution.

June, 2009 New York, NY 

GIFTS Software, a leading provider of funds transfer, investigation &
compensation, e-banking, anti-money laundering, fraud, and OFAC solutions announced today that Members Plus Credit Union has selected the “GIFTSWEB Enhanced Due Diligence” solution. The implementation of the automated GIFTSWEB EDD product will assist Members Plus Credit Union in
addressing Bank Secrecy, Anti-Money Laundering, Fraud and OFAC monitoring requirements. GIFTSWEB EDD is comprised of the following seven (7) modules, each of which can be implemented separately or as a total solution:

Profiler Module – Provides a library of AML & terrorist financing detection scenarios and the ability to filter transactional or customer data against various lists, such as PEP, FinCEN 314a, OFAC, and internal lists.

Patterning Module – Develops transaction pattern detection scenarios for each account or group of accounts allowing comparison of activity periodically to report unusual variances.

Case Management - Integrated case management with configurable workflow assists our clients to document investigative processes & file regulatory forms electronically.

Subpoena/Inquiry Module – Perform real-time inquiries against a database of transactions and respond to regulators, subpoenas or internal inquiries.

OFAC/Sanction List Module – Allows automated interdiction list filtering of transactional & customer data via real-time or file-based interface.

CIP Module – Scans new accounts in real-time or batch against any sanction list in order to comply with Section 326 of the USA PATRIOT Act.

Fraud Module – Provides a library of fraud based and red flag detection scenarios.

About the Bank
Members Plus Credit Union (formerly Boston Edison Employees
Credit Union) has been serving members since 1940. As a non-profit organization owned by over 10,000 members, Members Plus Credit Union serves the community and various employer groups. Their mission is to provide quality, innovative, competitive, and secure financial products and services to their expanding membership.

 

Sign up to receive GIFTS' NEWS UPDATES via email.  

Previous News Stories

CHINA MERCHANTS BANK SELECTS eGIFTS PAYMENT & MESSAGING SYSTEM FOR CLEARING OPERATION

WORLD'S LARGEST BANK SELECTS SEVERAL GIFTS SOFTWARE'S PRODUCTS TO HELP LAUNCH U.S. CLEARING OPERATION

VOLUNTEER CORPORATE CREDIT UNION SELECTS GIFTS SOFTWARE'S "GIFTSWEB EDD" ANTI-MONEY LAUNDERING SOLUTION

BANK OF THE WEST SELECTS GIFTS SOFTWARE'S "GIFTSWEB EDD" ANTI-MONEY LAUNDERING SOLUTION

Banca Monte Dei Paschi Di Siena, Italy, "the oldest bank in the world", has contracted to purchase GIFTSWEB EDD Anti-Money Laundering Solution.

GIFTS Software's AML Solution Installed in Japan

GIFTS Software Introduces Latest Product "eGIFTS" With Installations at Two Banks

AML Software is the First Line of Defense in the Battle Against Money-Laundering

GIFTS Customers Not Left in the Dark During the Blackout of 2003

Anti-Money Laundering & OFAC Solution Implemented at Several Banks

ACAMS Recognizes GIFTS Software as Anti-Money Laundering Expert