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Atris Technology deploys electronic filing of BSA required Currency Transaction Reports to increase efficiency and reduce paper consumption.
Gainesville,
Florida, October 14, 2009 – Atris Technology announced today the electronic filing of Currency Transaction Reports as part of its FlexTeller automation solution is available to all financial institution clients. Electronic filing allows end users to rely on the electronic data created by FlexTeller with greater accuracy and reduce the volume of paper associated hardcopy documents.
A Currency Transaction Report form 104 (CTR) is required by the Department of Treasury to deter and detect criminal activity within the U.S. and international financial systems. While banks are moving toward filing CTRs electronically, most are required to collect transaction data in one system and perform the E-filing in another, lengthening the overall process and creating opportunities for error. Under FlexTeller, CTR information is collected automatically at the time of the transaction. This information is archived for review by designed bank personnel, who transmit CTRs in a single batch file, usually once a week. For compliance concerns, detailed reporting manages both submittal and acknowledgement files electronically exchanged between the financial institution and Department of Treasury, a necessity during Bank Secrecy Act (BSA) audits.
The increased efficiency with E-filing allows bank personnel to focus on more complex tasks while satisfying the regulatory requirements associated with large currency reporting. Furthermore, with many organizations promising to “green” initiatives, financial institutions can also demonstrate their effort to reduce paper with the adoption of E-filing.
About
Atris Technology:
Atris Technology, Inc. is a provider of software automation that enables banks and credit unions to successfully compete in the rapidly changing financial marketplace. Key solutions include branch automation, real-time EFT processing, and home banking channels. Teller image capture and remote deposit processing exemplify its progressive delivery solutions. Atris is headquartered in Gainesville, Florida, serving clients nationwide.
For more information, contact Atris Technology at 3405 NW
97th BLVD A-200, Gainesville, Florida 32606 (352) 331-3100
or (800) 393-1079, or visit www.atris.com.
FlexTeller
is a registered trademark of Atris Technology Incorporated.
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