FINANCIAL MANAGEMENT, INVESTMENT MANAGEMENT
Businesswire | April 28, 2023
CSI, a leading provider of end-to-end fintech and regtech solutions, announced today its new robust IT Governance Services, which is available within its Advisory Services offering. Coupled with CSI’s Compliance & Risk Management Services, IT Governance Services combines best-in-class domain expertise with leading compliance technology. The result is a holistic approach to managing critical IT and security issues, which helps minimize the risks of non-compliance penalties for financial institutions.
Spending among institutions is growing globally, with institutions allocating significant sums toward meeting compliance requirements, strengthening IT security and investing in new technology, according to research from Celent. In addition, CSI’s own Banking Priorities Executive Report identified that respondents ranked employee turnover (34%) and regulatory change (27%) as the most significant issues bankers expect will affect the financial industry in 2023.
“For many financial institutions, hiring or retaining in-house staff to tackle information technology and security in an increasingly threatening cybersecurity landscape just isn’t feasible,” said David Culbertson, CEO and president of CSI. “Viewing IT and cybersecurity issues as strictly technical problems, rather than business problems often entails throwing money at more technology that doesn’t resolve the issues. The more effective approach is to follow trusted advice from experts that are constantly assessing risk and are deeply familiar with increasing regulatory expectations.”
CSI houses an expert team of seasoned IT strategists as well as dedicated technology resources that provide a comprehensive and cost-effective approach to information security (IS). To combat the complex and growing cybersecurity landscape, CSI’s IT Governance Services uses a risk-based approach to address critical IT, security and compliance issues while providing support for navigating regulatory exams or audits.
Since rolling out the company’s newest compliance solution in August, a dozen banks and credit unions have added it to their suite of services. Executives such as Michelle Kuhn from Cornerstone National Bank & Trust Company and Justina Roth from Farmers & Merchants Bank have reaped the benefits of CSI’s IT Governance Services, including executive reporting and training, incident response tracking and documentation, and access to a complete guidance library.
“We have maintained a partnership with CSI since we opened our doors in 2000 and added managed services several years ago,” said Kuhn, senior vice president and division head of Cornerstone National Bank & Trust Company in Palatine, IL. "Our bank felt that enhanced guidance from the CSI IT Governance team would allow us to focus more time and attention on day-to-day banking instead of creating our own system from scratch. CSI’s expertise and assistance have enabled us to operate and grow without concern of breaches in our IT governance compliance.”
CSI’s IT Governance Services include a platform that gives executives direct access to extensive summaries, dashboards and various assessments—including the Ransomware Self-Assessment Tool (RSAT), Cybersecurity Assessment Toolkit, PII Assessment and Firewall Rule Review—that allow them to better prepare for upcoming cybersecurity audits and exams. Institutions can also leverage user access reporting—including tracking new or terminated employees, permission changes and privileged access reports—to satisfy regulatory requirements.
“We needed an IT governance partner that has experts in the industry on hand to help us meet compliance requirements and navigate the evolving IT landscape while achieving our goal of protecting employees and customers,” said Roth, chief operations officer at Farmers & Merchants Bank in Milford, NE. “Having a relationship with CSI as our core provider made us confident in expanding our partnership to include IT governance services, and we will continue to rely on their team’s abilities to guide us through the ever-changing banking landscape.”
About CSI
As a forward-thinking technology partner, Computer Services, Inc. (CSI) delivers fintech, regtech and cybersecurity solutions to financial institutions and corporate customers, both foreign and domestic. In addition to its reputation for providing expert service, CSI focuses on propelling crucial technology advancements, accelerating speed-to-market and deploying solutions for fraud and anti-money laundering, account origination, small-to-medium businesses and treasury management, managed IT services and cybersecurity, real-time payments, open banking, Banking as a Service and more. From top global brands to community financial institutions across the nation, CSI delivers agile technology to its partners that’s designed to accelerate their growth and maximize their success. For more information, visit csiweb.com.
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FINANCIAL MANAGEMENT, FINTECH
PRnewswire | May 09, 2023
Ocrolus, a leader in AI-driven document automation for faster and more accurate lending decisions, announced it has integrated GPT embeddings from OpenAI into its set of technologies.
The addition of OpenAI GPT embeddings strengthens Ocrolus' ability to process semi-structured and unstructured documents, such as bank statements, paystubs and mortgage applications, without human involvement. Integrating GPT embeddings from OpenAI further cements the company as a leader in creating best-in-class automation solutions for small business, mortgage and consumer lenders.
Ocrolus document automation combines state-of-the-art AI from across the industry within a single solution to help lenders make decisions with confidence. In addition to the OpenAI integration, the company's technology set includes subsystems from Amazon, Google and its own proprietary deep learning architectures. These models are enabled by its massive document dataset, built from processing hundreds of millions of document pages, and the company's unique ability to create accurate training data in-house to constantly improve its algorithms.
"Ocrolus continuously seeks to integrate AI solutions that can improve our machine learning models as well as our Human-in-the-Loop (HiTL) verification process," said Zach Haehn, SVP of engineering at Ocrolus. "Today, most documents we receive are processed with no human interaction, and we're staying on the offensive by continually adding the best technology from leaders like OpenAI. By expanding our technology platform, we're creating more efficient ways to deliver the accurate data and analysis lenders require to make more informed decisions in the fastest way possible."
Leading small business, mortgage and consumer lenders across the financial services sector use Ocrolus to classify, capture and analyze financial documents for more informed lending decisions. This integration will lead to even more efficient document automation for Ocrolus customers, enabling them to process more loans while continuing to deliver the precise data required for financial decision-making.
"Ocrolus' AI technology has transformed our lending business," said Ocrolus customer and Head of Operations Strategy & Enterprise Projects at Kapitus, Murugappan Chettiar. "The automation and accuracy have saved us many hours of manual work and drastically reduced errors in our lending decisions. It's been a game-changer for us, allowing us to handle more loan applications without sacrificing accuracy or speed."
Ocrolus will demonstrate its AI-driven document automation technology at booth #343 during Fintech Nexus USA 2023, taking place at the Javits Center in New York City May 10-11. For additional information or to book a product demo, visit www.ocrolus.com/product/.
About Ocrolus
Ocrolus is an AI-driven document automation platform that powers the digital lending ecosystem, optimizing credit decisions in small business, mortgage, and consumer lending. Ocrolus enables financial services companies like Brex, Cross Country Mortgage, Enova, PayPal, and SoFi to make high-quality decisions with trusted data. By empowering lenders to automate financial analysis, we help borrowers access credit faster and on better terms.
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PAYMENTS, FINTECH
ACI Worldwide | March 10, 2023
Security Bank Corporation (Security Bank), a prominent universal bank in the Philippines, and ACI Worldwide, a company that offers software solutions for digital payments and real-time transactions, announced on March 9, 2023, that Security Bank has selected ACI Worldwide's Enterprise Payments Platform solution to enhance its real-time payment capabilities.
ACI Worldwide is set to assist Security Bank in accelerating its digital transformation by providing a complete payment hub system that covers both low- and high-value transactions. The solution includes payment processing, domestic scheme gateways, and SWIFT on ISO 20022 standards, all available on a unified platform.
Security Bank can protect consumer, merchant, and corporate payments with evolving and new payment types using ACI Worldwide's cloud-native real-time payment platform and flexible, modern architecture. With its premium payment solution and extensive experience in the field, the bank is poised to spearhead the advancement of payment innovations in the Philippines.
Banks are supporting new domestic use cases and domestic fintechs are entering the market, according to ACI Worldwide's 2022 Prime-Time for Real-Time report. In order to modernize its payment system and realize economic gains, Philippines needs to incorporate its financial framework. Security Bank's relationship with ACI Worldwide marks a milestone in its payments modernization initiatives and allows the bank to help the nation benefit from real-time payments domestically and regionally.
Meanwhile, ACI Worldwide has successfully implemented crucial real-time ISO 20022 payments ecosystems and central infrastructures in APAC nations.
About ACI Worldwide
ACI Worldwide is a leading provider of real-time payment software solutions used by top corporations, fintech companies, and financial innovators. These solutions are secure, reliable, and easily scalable, and can be used to facilitate digital payments, support omni-commerce transactions, process bill payments, and mitigate fraud and risk. With a global presence, the company is at the forefront of driving real-time digital payments and commerce.
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