Texas-based TransPecos Banks selects Oscilar’s risk management tech for BaaS compliance
TransPecos Banks, a Texas-based community bank, has tapped San Francisco-headquartered fraud and risk identification fintech Oscilar to enhance its compliance and risk management capabilities as the bank looks to scale its Banking-as-a-Service (BaaS) offering “efficiently and securely”.
TransPecos Banks taps Oscilar for BaaS compliance
The bank will utilise Oscilar’s AML Risk Platform solution, which features AI-powered case management with automated SAR and UAR filing and deploys machine learning and generative AI to detect “complex risky transactions”.
Oscilar says the rise of BaaS has intensified regulatory scrutiny, particularly concerning anti-money laundering (AML) compliance, and claims that the partnership will enable TransPecos Banks to capitalise on the growth opportunities presented by BaaS “while ensuring robust regulatory compliance”.
“TransPecos Banks determined that to properly support multiple fintech partners it had to implement a robust but manageable compliance infrastructure,” continues Oscilar.
“Utilising Oscilar’s platform will allow TransPecos to overcome common challenges of siloed data, limited visibility into partner activities, and manual processes. It now is able to scale safely, securely and with clear visibility and customer deposit records.”
Michael Kozub, CEO of TransPecos Banks, explains: “With Oscilar, we can update rules and implement changes faster than with any other platform we’ve seen. This responsiveness is invaluable, particularly when it comes to adapting to new regulations.”
Oscilar, which launched from stealth last year, claims the new partnership is expected to reduce AML operational costs at the bank by 40% and generate over $3 million in annual cost savings.
