Sunwest Bank Unveils Innovative Software for Global Banking
Sunwest Bank Introduces FOCSS for Global banking
Sunwest Bank, a pioneer in banking technology, has taken a significant step by announcing the commercial launch of its Foreign Correspondent Surveillance System (FOCSS). This innovative platform, created from nearly a decade of internal use, aims to enhance the monitoring and management of cross-border transactions, ultimately serving the international banking sector more efficiently.
The Evolution of FOCSS Software
Initially launched in 2015 within Sunwest Bank, FOCSS was developed to address the challenges of monitoring global financial transactions. Over the years, the platform has evolved based on extensive feedback from banking experts and regulators, becoming a powerful tool capable of tackling the ever-evolving threats posed by money laundering.
Advanced Features of FOCSS
The FOCSS platform combines cutting-edge technology with an extensive rules engine that ensures compliance and thorough screening of transactions. It also features integrations with both domestic and international databases, sophisticated tracking capabilities, and a robust audit tool. These elements collectively empower banks to effectively combat illicit activities across borders.
Meet the Team Behind FOCSS
Matt March, the Chief Information Officer at Sunwest, authenticated the platform's effectiveness: "After more than a decade of internal success, we are thrilled to offer this modernized tool to international banks." This enthusiasm is echoed by President Carson Lappetito, who added that the software has played a crucial role in maintaining compliance with both US and global regulators.
Enhancing Global Transaction Security
With the increasing complexity of global banking operations, Sunwest Bank's FOCSS stands out as a crucial offering. It's designed to fortify the systems in place for monitoring transactions in real-time, thereby enabling a more secure and streamlined exchange of currencies worldwide.
Supporting Economies with Access to Currency
Through its advanced FOCSS platform, Sunwest Bank not only enhances its operational capabilities but also supports US Dollar-dependent economies, ensuring they have continued access to necessary funds. This commitment demonstrates Sunwest's role as a pivotal player in the international banking landscape.
About Sunwest Bank
Founded in 1969, Sunwest Bank has established itself as a leading commercial bank with assets surpassing $3.0 billion. Headquartered in Sandy, Utah, the bank operates across several states including California and Florida. It emphasizes building strong relationships with entrepreneurs and businesses, thus maintaining a tradition of service excellence.
Frequently Asked Questions
What is FOCSS and why was it created?
FOCSS is a proprietary compliance software developed by Sunwest Bank to monitor and analyze cross-border transactions to combat money laundering effectively.
When did Sunwest Bank start using FOCSS?
The initial version of FOCSS was launched in 2015, and it has been refined continuously over nearly a decade of internal use.
What are the main features of FOCSS?
FOCSS features an advanced rules engine, database integrations, tracking capabilities, and a robust audit tool to enhance compliance monitoring.
Who is responsible for the development of FOCSS?
The development of FOCSS has involved a dedicated team at Sunwest Bank, led by key individuals like Matt March and Carson Lappetito.
How does FOCSS benefit international banks?
FOCSS allows international banks to effectively monitor transactions, thereby ensuring safer currency exchanges and compliance with international regulations.
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