Wolters Kluwer Financial Services announced today that Texas Capital Bank has selected the company’s Wiz Sentri: Financial Crimes Control platform to help mitigate compliance and operational risks tied to financial crimes, including fraud and money laundering.
The Wiz Sentri solution employs proven network surveillance technology infused with Wolters Kluwer Financial Services’ regulatory and risk management expertise. Wiz Sentri enables Texas Capital Bank and other financial institutions to create and continually update profiles of normal customer, employee, account, loan and transactional activity. When the system detects suspicious or anomalous behavior, it notifies the institution, helping it to prevent a possible financial crime from occurring.
According to Neal Baker, senior vice president and director of Corporate Security and Investigations for Texas Capital Bank, the financial institution chose Wolters Kluwer Financial Services’ Wiz Sentri platfrom from several solutions it considered purchasing. The ultimate decision was based not only on Wiz Sentri’s strong anti-fraud capabilities but also on Wolters Kluwer Financial Services’ accompanying service and support.
“The totality of what Wolters Kluwer Financial Services was offering us made the right choice very apparent,” Baker said. “At the end of the day, they were at the top of our list because of the expertise and follow-through we expected from them during the solution’s implementation and in helping us assess and address future business, compliance and risk management needs.”
“In today’s economy, financial institutions need to have a strategic advantage in controlling monetary and reputational risks that accompany financial crimes,” said Heather Czermak, general manager of Wolters Kluwer Financial Services’ Consumer Compliance and Financial Crimes Control Solutions business lines. “Through our relationship, Texas Capital Bank can now better identify potential fraudulent activity in real-time. This will help them to realize a solid return on investment by helping prevent financial losses from fraud, as well as improving the trust and confidence of their customers and stakeholders.”