FLEX Partners with Pay Lynxs to Deliver SimpliRisk
Sandy, Utah (March 2017) — Salt Lake City-based core processor, FLEX, has partnered with Pay Lynxs to deliver SimpliRisk, a compliance automation solution for transaction monitoring, risk rating and member due diligence to support credit union AML and BSA requirements.
According to the recently issued NCUA Supervisory Priorities for 2017 letter, (17-CU-01), examiners will be conducting risk-focused examinations which concentrate on BSA, internal controls, and fraud prevention. A primary finding from examiners for credit unions with over $50 million in assets is inadequate controls for compliance automation to support the credit union’s risk assessment, AML and BSA requirements.
While mounting compliance regulations are in place to mitigate financial risks, they also contribute to credit union executive’s rising stress levels. A recent study found that 98% of CU executives identify compliance burden as a top critical concern for their credit union in 2017. “Now more than ever, it’s necessary to have the right credit union compliance tools in your arsenal to help automate procedures so that risk analysis doesn’t turn into a time-consuming burden,” explains Preston Packer, Director of Sales and Marketing for FLEX.
“At FLEX, we view compliance and regulations as a top priority and want to provide our credit unions with technology that mitigates fraud and alleviates the stress that inherently comes with AML and BSA requirements,” details Sean Holcomb, Chief Operating Officer for FLEX. “Through our partnership with Pay Lynxs, FLEX clients will be able to leverage member data, found in the core, against the powerful risk management, transaction monitoring and member due diligence tools that SimpliRisk offers.”
When asked about the partnership with FLEX, Matt Conine, Chief Executive Officer of Pay Lynxs responded, “We are excited! Our compliance automation solution will be a great compliment to the FLEX platform and will help credit unions meet their NCUA requirements for AML and BSA.” Conine continued, “The FLEX commitment to serving credit unions with reliable and convenient technology backed by excellent customer service is consistent with our mission and we look forward to our partnership with FLEX.”
Director- Sales and Marketing
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