Texas-based community bank, TransPecos Banks, has enlisted the services of San Francisco-headquartered fintech company Oscilar to bolster its compliance and risk management capabilities. This strategic move aims to scale the bank’s Banking-as-a-Service (BaaS) offering efficiently and securely.
TransPecos Banks Taps Oscilar for BaaS Compliance
TransPecos Banks will leverage Oscilar’s AML Risk Platform solution, which features AI-powered case management, automated SAR and UAR filing, and employs machine learning and generative AI to detect complex risky transactions. Oscilar highlights the increasing regulatory scrutiny of BaaS, particularly concerning anti-money laundering (AML) compliance. The partnership aims to enable TransPecos Banks to capitalize on BaaS growth opportunities while ensuring robust regulatory compliance.
Oscilar states, “TransPecos Banks determined that to properly support multiple fintech partners, it had to implement a robust but manageable compliance infrastructure. Utilizing Oscilar’s platform will allow TransPecos to overcome common challenges such as siloed data, limited visibility into partner activities, and manual processes. The bank can now scale safely, securely, and with clear visibility and customer deposit records.”
Michael Kozub, CEO of TransPecos Banks, emphasizes the platform’s adaptability, “With Oscilar, we can update rules and implement changes faster than with any other platform we’ve seen. This responsiveness is invaluable, particularly when it comes to adapting to new regulations.”
Oscilar, which launched stealth last year, anticipates that the partnership will reduce AML operational costs at TransPecos Banks by 40%, generating over $3 million in annual cost savings.
This collaboration marks a significant step for TransPecos Banks in enhancing its BaaS compliance and risk management capabilities, ensuring a secure and efficient scaling of its services.
