AVON, Conn. — A Web-delivered free upgrade to its core processing system has sharply reduced the work involved with meeting stringent new Department of Homeland Security reporting requirements, COCC says.
The Connecticut-based provider of technology solutions says it began installing the upgrade this summer and now has it in place at 72% of its client base of 152 financial institutions, which includes 35 credit unions.
The software upgrade reduces the labor involved with OFAC and FinCEN reporting by more than 90%, COCC says. A key client of the client-owned core processor agrees.
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