ACADEMIA

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.