Coastal Federal Credit Union Selects Aithent for Financial Crime Investigation Management Choice Allows Swift, Sure Transition from No-Longer-Supported Solution
Coastal FCU, innovative financial institution, joins growing ranks of banks and credit unions opting for Aithent Fraud Manager to advance ability to manage fraud/financial crime investigations and associated regulatory compliance.
- (1888PressRelease) March 30, 2011 - NEW YORK - Aithent™ Inc. (www.aithent.com) a creator of high-value regulatory compliance management solutions for financial services, government and insurance organizations, today announced Coastal Federal Credit Union, a $1.9 billion financial institution based in Raleigh, NC, has chosen its Aithent Fraud Manager℠ (AFM) investigation management solution.
A credit union that prides itself on innovation in services and security for its members, Coastal opted for AFM because it saw it to be the most comprehensive case management solution for financial crime investigations available today, but also due to Aithent's thorough understanding of the operational issues faced by the institution as well as deep knowledge of its existing system. Having such knowledge was imperative as the in-place solution was no longer supported by its supplier.
"End of support meant we had to look at options that would let us continue case management activities with little interruption," said Larry Wilson, Coastal's President and CEO. "The key was to be able to move from that solution to another with the least amount of disruption to our investigatory and compliance activities."
AFM helps financial institutions gather, organize and analyze information relating to apparent fraud or financial crimes as well as automate the preparation and filing of Suspicious Activity Reports required by the Financial Crime Enforcement Network (FinCEN) of the U.S. Treasury. The configurable AFM solution is designed to ensure the shift from another system to it is done quickly. This was achieved, in part, thorough a defined process to analyze the existing data model.
"While the key factor was an effective replacement, we found AFM to be a solution with high ease of use, significant functionality and excellent value," Wilson said. "We also found in Aithent a strong company with a long-term commitment to its case management solution."
AFM is the only case management solution that allows for sharing and comparing of information between teams of investigators, to connect the dots, as fraudsters and money-launderers tend to strike institutions multiple times in multiple ways. This capability also allows insight to be gained so further safeguards can be put in place to curtail future acts of fraud.
"Coastal's selection of AFM to be its investigation management and regulatory compliance system is as much a statement about this versatile solution as it is about our company's commitment to credit unions and other institutions that seek a system that can serve their needs now, grow as they grow and adjust as investigation and compliance procedures evolve," said N. Venu Gopal, Aithent's CEO.
About Coastal
Coastal Federal Credit Union is a not-for-profit, member-owned, financial cooperative, offering a full range of financial products and services. Coastal was chartered on August 31, 1967 with the mission of fostering the credit union philosophy of "people helping people". Today, with $1.9 billion in assets, Coastal serves 190,000 members from 1,200 business partners and is among the leading financial institutions in North Carolina. Coastal operates 15 branches in the Triangle market and serves members in all 50 states through a network of 3,500 shared branches, 50,000 surcharge-free ATMs and a robust offering of online services at www.COASTAL24.com.
About Aithent
Since 1991, Aithent has helped advance operational efficiency while reducing the cost and risk associated with compliance by developing and applying technology in uniquely effective ways. The company has been involved in the development and implementation of financial crime prevention and investigation technology since 1998.
Aithent is headquartered in New York, maintains sales and support offices in Boston, Seattle, Lansing and Toronto and operates technology development, quality assurance and testing centers in Chennai and Gurgaon, India and Toronto. For more information, visit www.aithent.com or call 212-725-7646.
Aithent, Aithent Fraud Manager and the Aithent logo are registered trademarks or trademarks of Aithent Inc. Other marks belong to their respective owners.
Media Contact:
Steve Hoechster (HEX-ster)
Aithent Inc.
914-393-9219
shoechster ( @ ) aithent dot com
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