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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
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.
“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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