Web-Based Software automates Reg E compliance procedures.

ATTUS Technologies, Inc. Jan 07, 2009

Press Release Summary:

WatchDOG(TM) for Reg E is based on case management system that guides user through Reg E error resolution, ensuring required procedures and customer notices are completed within defined timeframes. Able to be integrated into financial institution's existing employee work flow, solution offers scripted questions for gathering all relevant information for comprehensive investigation. Built-in templates for required customer notices can be customized based on investigation requirements.

Original Press Release:

ATTUS Technologies, Inc. Unveils Automated Reg E Compliance Solution

CHARLOTTE, N.C., Dec. 18 -- ATTUS Technologies, Inc., an industry leader in software and services, today announced the release of its latest compliance solution for financial institutions, WatchDOG(TM) for Reg E, a web-based solution that automates Reg E error resolution procedures.

WatchDOG(TM) for Reg E gives financial institutions a new alternative to their costly manual and ineffective processes for handling EFT error claims. Using web-based technology, WatchDOG(TM) for Reg E automates every step of the error resolution process including acceptance of the initial customer notice, the calculation and payment of provisional credit, the investigative process and the procedures related to final resolution.

As a trusted and innovative provider of regulatory compliance software and services for over ten years, ATTUS identified the need for a Reg E automated solution to provide immediate relief for financial institutions struggling to increase efficiency in their compliance procedures and strengthen their adherence to the cumbersome requirements of Reg E.

"Up until now, financial institutions had to make a choice between spending the money to investigate a claim or just paying it to avoid being out of compliance with the complicated requirements of Reg E," said Tom Fedell, President and CEO of ATTUS Technologies, Inc. "ATTUS' WatchDOG(TM) for Reg E packages a range of features that present financial institutions with a comprehensive Reg E compliance solution."

WatchDOG(TM) for Reg E was designed by an ATTUS compliance veteran who drew on over twenty-five years of experience in the banking industry to make sure it included the "real world" essential features needed for Reg E compliance as well as additional components which simplify the process for financial institutions. For example, the backbone of WatchDOG(TM) for Reg E is a case management system which intuitively guides the user through every step of the process ensuring the required procedures and customer notices are completed within the Reg E-defined timeframes.

Financial institutions benefit from even more:

-- Scripted questions that any employee can use to gather all the relevant information upfront making a comprehensive investigation possible
-- Application dashboard that allows users to quickly determine the status of claims with respect to the required regulatory due dates
-- Liquidity calculator that accurately computes both the financial institution's and customer's liability for EFT errors
-- Customizable templates for customer disclosures and notices
-- Vigorous report capabilities for compliance documentation

This innovative product can be incorporated into a financial institution's existing employee work flow so that minimal interruption is created while significant benefits are gained. Losses are reduced because the threshold for paying claims without an investigation can be lowered and WatchDOG(TM) for Reg E automatically and accurately calculates the amount that should be credited to a customer's account when an investigation is conducted.

Templates for required customer notices are built into the system for simplification but they can also be customized based on the specifics of an investigation. The risk of civil or regulatory action due to the inaccurate or imprecise handling of claims is minimized and financial institutions can perform centralized querying and reporting of Reg E claim information making compliance with the regulations and audits easier. Tom Fedell added, "WatchDOG(TM) for Reg E gives financial institution's a way to minimize their risk, reduce their losses and be much more confident in their compliance with Reg E."

About ATTUS Technologies, Inc.

ATTUS Technologies, Inc. is an industry leader in software and services for regulatory compliance, homeland security and fraud prevention. Over 4,000 financial institutions and other clients nationwide use ATTUS' solutions for compliance with the requirements of the Gramm-Leach-Bliley Act (GLBA), the USA PATRIOT Act, the Office of Foreign Assets Control (OFAC), the Financial Crimes Enforcement Network (FinCEN), anti-money laundering regulations, the Bank Secrecy Act (BSA), Regulation CC and Regulation E. ATTUS is based in Charlotte, North Carolina. For more information about ATTUS, visit http://www.attustech.com/.