Actors Federal Credit Union Leverages Hypur's Technology to Elevate Its Regulatory Compliance
SCOTTSDALE, Ariz., April 11, 2018 (Newswire.com) - Actors Federal Credit Union (Actors FCU), a national financial institution headquartered in New York City, cites the unique advanced features of Hypur Inc.’s (Hypur) compliance software with helping it maintain a sustainable money service business (MSB) banking platform.
Actors FCU began working with Hypur in August 2016 to improve the efficiency, transparency and reporting of its MSB portfolio. Hypur’s software works alongside Actors FCU’s existing Anti-Money Laundering and Bank Secrecy Act (AML/BSA) procedures to help the credit union meet the regulatory requirements of banking MSBs.
“Hypur’s proactive compliance, monitoring and reporting capabilities have clearly enhanced our program. Hypur’s technology is the perfect complement to our existing systems and enables us to more accurately measure and monitor the unique activity of our MSB accounts,” says Chuck Brown, senior compliance officer of Actors FCU.
Hypur’s technology provides comprehensive baseline analyses with customizable alerts and triggers along with daily monitoring and monthly reporting of remote deposit capture, armored car, cardholder, ACH and wire activity. Using Hypur’s web-based tools allows Actors FCU to easily gather, compare and evaluate custom core and source data. The software also helps quantify the geographic risk of member-reported money transmissions and detects unusual transactions and patterns.
Hypur’s technology automates many tedious, manual processes so Actors FCU’s compliance and operations staff can spend their time on more value-added tasks and analysis. The result is better customer service, further enhanced AML/BSA compliance and improved profitability.
“Actors FCU is an outstanding partner and a leader in compliantly serving regulatory intensive businesses. We look forward to working with Actors FCU to help them continue to serve their communities by providing valuable banking services for cash-intensive money service businesses,” says Christopher E. Galvin, founder and CEO of Hypur.
Hypur is a financial technology company based in Scottsdale, Arizona, that provides innovative software solutions for the toughest banking and payments challenges. Hypur’s suite of software products includes proactive compliance tools, automated due diligence tools and electronic payment alternatives to debit and credit cards. For more information, visit www.hypur.com.
Source: Hypur Inc.