Financial Services OFAC Verification, Reporting and Analytics
Solution Description:Financial Services OFAC Verification...Financial services organizations are legally required to regularly verify current or potential clients against OFAC (Office of Foreign Asset Controls). Most perform this with a time consuming and inefficient multiple manual step process downloading online lists and comparing data in spreadsheets and as a result, errors and inaccuracies could arise. TAP's automated OFAC verification process eliminates these Manual Efforts and SpreadSheets (MESS), improves accuracy, and brings efficiency to these processes. TAP Eliminates the MESS!
Watch TAP Innovation Solutions in action!
We simply asked…Tell us about your Manual Efforts and SpreadSheets or MESS. Here's what they said...A financial services and wealth management company in Dallas was regularly performing their OFAC verification processes with manual steps and multiple spreadsheets spending unnecessary and unproductive minutes and hours every month and the results had errors and inaccuracies. Their question…'Isn't there a better way to do this! This is Very Frustrating!'
Accounts: Worth Financial Group
Number of Locations: 4
Number of Employees: 2
Industries: Financial, Investment
TAP quickly identified the Manual Efforts and SpreadSheets or MESS, reached into their Integrated Digital Toolbox and solved this MESS. This digitally transforming solution included using TAP's Base SaaS Screens and 8-layer security model to allow the Financial Services organization to regularly upload client lists. Another option using TAP's Integration Fabric and Extract Transformation & Load (ETL) tools automatically uploads client lists. Additional data capture is performed with TAP's SaaS data screens. Then, behind the scenes, TAP's Integration Fabric downloads the most recent OFAC lists from the appropriate government sites and automatically compares client lists against the government lists using multiple comparison algorithms. If there is a match, an automated report is securely emailed to the Financial Services organization. In addition, TAP's myBI app allows access to the same reports.
Categories: Federal Database, Custom App, Reporting/Analytics
Brands: OFAC, Custom
C#, ASP MVC.net, SQL Server, APIs, SSIS, Azure Cloud Services, Multi-Tenant, Entity Framework, Microsoft Power BI, Microsoft SQL Server, SSIS, SQL Server Integration Services