Valley Republic Bank Partners with Banker’s Toolbox for Anti Money Laundering
March 15 2012 - 1:02PM
Business Wire
Valley Republic Bank, a tech savvy institution with $262 million
in assets in Bakersfield, California, just recently completed a
successful implementation of BAM, an automated BSA/AML solution
from Banker’s Toolbox, which integrates with their iCore 360®
processor from DCI (Data Center Inc.).
Marji Hanlin, who is the BSA Officer at Valley Republic Bank and
a BAM user, said, “The weekly updates from Banker’s Toolbox,
designed to keep us informed about current BAM changes, are
absolutely wonderful. I have experienced other implementations with
different software vendors; normally you never know what has been
completed or what they are currently working on. With BAM, those
updates are front-and-center and keep you consistently informed. I
absolutely love that. To top it off, BAM is easy to use as
well.”
An automated BSA/AML compliance process through BAM allows for
comprehensive monitoring, better record keeping, improved
efficiencies, and a transparent audit trail. Unlike other BSA/AML
programs with rigid default parameters for detecting suspicious
activity, BAM determines statistically accurate ranges of what is
really “normal” or “abnormal” activity for peer groups in an
institution. This allows BSA departments to minimize false
positives by choosing meaningful parameters based on their own
customers’ activity rather than the vendor’s default settings.
Daniel Cho, founder and CEO of Banker’s Toolbox, said,
“Constant, accurate information should be provided and available at
all times to make sure our customers feel as comfortable as
possible. It’s our job to make them happy, and we do everything in
our power to make sure that happens.”
Keeping customers in the loop and cutting out the unknown
has been paramount in the continuing success of Banker’s Toolbox.
It’s often overlooked details like this and a constant attention to
the little things that keep bankers happy that help Banker’s
Toolbox really stand out among other BSA/AML software solution
producers.
Valley Republic Bank
Valley Republic Bank was founded in 2008 and opened for business
in early 2009 by a group of 24 local professionals who believe the
local business community is underserved from a banking perspective.
Their vision and mission is centered on the “best of tradition”
combined with the “best of innovation.” Every director and employee
is committed to relational and professional integrity, all day
every day. That core value is essential for trust and confidence in
banking relationships. Valued relationships based on confidence,
trust and integrity – that’s the banking tradition offered to every
customer by Valley Republic Bank. For more information, please
visit www.valleyrepublicbank.com.
About Banker’s Toolbox, Inc.
Austin, TX-based Banker’s Toolbox, Inc. helps community
financial institutions manage risk and streamline compliance
examinations. The company’s product suite consists of proven
solutions for money laundering detection and reporting, risk
management through fraud and kite prevention, secure wire
processing automation, and commercial real estate loan portfolio
risk assessment. The Banker’s Toolbox team is a unique combination
of seasoned bankers and information technology consultants who
specialize in designing, developing, and implementing risk
management solutions while providing unparalleled customer service.
For more information, visit the company’s website at
www.bankerstoolbox.com.