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Services Introduces Oracle Financial Services Currency Transaction Reporting - Solution helps automate the Currency Transaction Reporting (CTR) process, support new electronic filing requirements and provide a complete and holistic view of ctr compliance (NASDAQ: ORCL) - Oracle.com
Services Introduces Oracle Financial Services Currency Transaction Reporting

 

NewswireToday - /newswire/ - Redwood Shores, CA, United States, 2012/05/03 - Solution helps automate the Currency Transaction Reporting (CTR) process, support new electronic filing requirements and provide a complete and holistic view of ctr compliance (NASDAQ: ORCL) - Oracle.com. NYSE, NASDAQ: ORCL

   
 
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To help financial services organizations comply with a recent announcement from Financial Crime Enforcement Network (FinCEN) requiring a format change to the electronic filing of currency transaction reports (CTRs), Oracle Financial Services today introduced Oracle Financial Services Currency Transaction Reporting and Oracle Financial Services Currency Transaction Reporting Analytics.

The new solution enables banks to consolidate and streamline cash transaction processing, and generate and file electronic CTR reports using a single, enterprise-wide platform. Banks also gain a 360-degree view of all daily cash activities to help support compliance and improve reporting efficiency.

Using Oracle Financial Services Currency Transaction Reporting, banks can automatically and accurately consolidate the entire CTR process -- from teller entry through automated aggregation and generation of CTRs, to logging of monetary instruments for record-keeping and managing exemptions, through generation and filing of required e-file reports.

Together, Oracle Financial Services Currency Transaction Reporting and Oracle Financial Services Currency Transaction Reporting Analytics enable banks to actively assess cash activity, monitor CTR metrics, and productivity, as well as determine historical trends to prevent future compliance issues. The solutions also support quicker reporting for electronic and internal reporting across the enterprise.

Oracle Financial Services Currency Transaction Reporting and Oracle Financial Services Currency Transaction Reporting Analytics are offered on Oracle’s Financial Crime and Compliance Management platform.

Supporting Quotes
“The onus to comply with new FinCEN electronic CTR filing requirements by March 31, 2013 weighs on financial services organizations as they consider their options,” said S. Ramakrishnan, group vice president and general manager, Oracle Financial Services Analytical Applications. “Oracle Financial Services Currency Transaction Reporting enables banks to manage the entire reporting process -- from teller entry through electronic submission -- from a single platform, streamlining compliance while delivering important insight into all daily cash activity, as well as historical trends that can drive process improvements and reduce risk.”evolving market needs, while helping our clients reduce transportation costs, improve service and increase asset utilization.”

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About Oracle
Oracle (oracle.com) engineers hardware and software to work together in the cloud and in your data center.

About Oracle in Industries
Oracle industry solutions leverage the company’s best-in-class portfolio of products to address complex business processes relevant to financial services, helping speed time to market, reduce costs, and gain a competitive edge.

Trademark
Oracle and Java are registered trademarks of Oracle and/or its affiliates. Other names may be trademarks of their respective owners.

Contact Info
Mary Tobin, O’Keeffe & Company
P: +1.503.658.7396 - E: mtobin[.]okco.com.

 
 
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Written by / Agency / Source: Oracle Corporation

 
 

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Services Introduces Oracle Financial Services Currency Transaction Reporting

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Oracle Corporation |
Publisher Contact: Caroline Yu Vespi - Oracle.com 
+1 650-506-8920 caroline.yu[.]oracle.com
 
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