- Partnership Announcement: TransPecos Banks, a Texas-based community bank, has partnered with San Francisco-based fintech Oscilar to enhance its compliance and risk management for its Banking-as-a-Service (BaaS) offering.
- Solution Utilized: The bank will use Oscilar’s AML Risk Platform, which includes AI-powered case management, automated Suspicious Activity Report (SAR) and Unusual Activity Report (UAR) filing, and machine learning for detecting complex risky transactions.
- Purpose: The partnership aims to support TransPecos Banks in scaling its BaaS offering efficiently and securely, addressing increased regulatory scrutiny around anti-money laundering (AML) compliance.
- Benefits: Oscilar’s platform is expected to overcome challenges such as siloed data, limited visibility into partner activities, and manual processes, allowing TransPecos Banks to scale safely and with clear customer deposit records.
- Cost Savings: The implementation of Oscilar’s solution is projected to reduce AML operational costs by 40% and generate over $3 million in annual cost savings.
- CEO Quotes: Michael Kozub, CEO of TransPecos Banks, highlights the platform’s responsiveness and ability to adapt quickly to new regulations as key benefits.
Texas-based TransPecos Banks selects Oscilar’s risk management tech for BaaS compliance
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