New Cypress Software Helps Lenders Comply with Patriot Act
New Cypress Software module works with the TFP 326 Compliance Solution to verify identity of new account loan applicants.
North Richland Hills, TX (PRWEB) April 9, 2004 -
Â Cypress Software Systems, LP has introduced a new module for its Mark IV loan application software that helps banks and financial institutions comply with Section 326 of the USA PATRIOT Act. Section 326 requires financial institutions to implement a Customer Identification Program (CIP) to help identify fraudulent names and identities.
The new module for CypressÂs Mark IV loan application is linked to the TFP 326 Compliance Solution offered by TFP (www. TFP. com), a leading provider of data and software solutions for financial and corporate institutions. The Cypress module automatically submits loan-applicant data via the Internet to TFPÂs database, powered by ExperianÂs Authentication Services Capabilities, at the conclusion of the application process. TFP then checks the new account applicantÂs identifying information, including name, address, phone number and social security number, for fraudulent entries and verifies the information against known terrorist lists to enable financial institutions to comply with Section 326 of the USA PATRIOT Act.
TFP then returns a summary report to the Mark IV software that is stored for later observation by the financial institution's compliance and examination department. If a new account application is found fraudulent, Mark IV automatically routes the information to a fraud-resolution queue and highlights any item of concern.
ÂMany companies and industries across the United States are now required to implement additional security measures outlined in the PATRIOT Act,Â said Stephen Sargent, president and chief executive officer of Cypress Software Systems. ÂThis module was developed to help ease that burden for banks and financial institutions, while providing the necessary safeguards to maintain national security,Â he added.
ÂBy working together, TFP and Cypress are providing financial institutions with one of the most effective and cost-efficient ways to fully comply with the USA PATRIOT Act,Â said Glenn Gottfried, president of TFP. ÂThis partnership with Cypress is a part of TFPÂs broader commitment to reaching out to financial services companies by delivering risk management solutions that are best in class.Â
Mark IV is CypressÂ flagship product and allows lenders to take loan applications electronically while interviewing applicants, quickly retrieve credit reports, efficiently review sources of repayment, and deploy their loan policies. Cypress provides these tools with the goal of speeding a quality loan decision back to the applicant, and assisting the financial institution in maximizing loan performance.
About Cypress Software Systems
Headquartered in North Richland Hills, TX, Cypress Software Systems, LP is a leading developer of automated credit application decision support technologies. The company serves community and regional banks, finance companies and credit unions with loan application decision and tracking tools on par with those used by larger national lending institutions. The CompanyÂs flagship product, Mark IV, is used by clients nationwide to quickly and consistently process consumer loan applications. Cypress Mark IV offers a flexible, risk-based processing approach that includes tracking applications from point of entry to point of decision. Web Site: www. go-cypress. com.
TFP (www. TFP. com), a division of Thomson Media, is a leading provider of data and software solutions for financial and corporate institutions worldwide. TFPÂs product lines include Payment Efficiency, Risk Reduction, Marketing Services, Reference Tools for BankingÂ and Specialized Outsourcing. TFPÂs solutions assist in accurately originating payments to realize higher payment STP rates; facilitating the repair of rejected transactions; ensuring compliance with global anti-money laundering and anti-terrorism requirements and guidelines, including the USA PATRIOT Act, Bank Secrecy Act, Wolfsberg Principles, regulatory agencies such as the U. S. TreasuryÂs OFAC and policy-making bodies such as the Financial Action Task Force. TFP maintains the most authoritative and comprehensive databases of financial institutions globally and has been the official routing number registrar for the American Bankers Association since 1911. TFP is a business unit of Thomson Media, (www. thomsonmedia. com), a division of The Thomson Corporation, and a leading provider of information, data and software tools for professionals in the financial services and related technologies markets.
About The Thomson Corporation
The Thomson Corporation (www. thomson. com), with 2003 revenues from continuing operations of $7.6 billion, is a global leader in providing integrated information solutions to business and professional customers. Thomson provides value-added information, software tools and applications to more than 20 million users in the fields of law, tax, accounting, financial services, higher education, reference information, corporate training and assessment, scientific research and healthcare. With operational headquarters in Stamford, Conn., Thomson has approximately 43,000 employees and provides services in approximately 130 countries. The Corporation's common shares are listed on the New York and Toronto stock exchanges (NYSE: TOC; TSX: TOC).