Excerpt from FinTech Futures Article, Published on Aug 02, 2024.

TransPecos Banks, a Texas-based community bank, has selected San Francisco-headquartered fraud and risk identification fintech Oscilar to enhance its compliance and risk management capabilities. This move is part of the bank’s strategic efforts to scale its Banking-as-a-Service (BaaS) offering efficiently and securely. Oscilar’s AML Risk Platform solution, which features AI-powered case management with automated SAR and UAR filing, utilizes machine learning and generative AI to detect complex risky transactions.

The rise of BaaS has intensified regulatory scrutiny, particularly concerning anti-money laundering (AML) compliance. Oscilar claims that its partnership with TransPecos Banks will enable the bank to capitalize on growth opportunities presented by BaaS while ensuring robust regulatory compliance. The platform addresses common challenges such as siloed data, limited visibility into partner activities, and manual processes, allowing TransPecos to scale safely, securely, and with clear visibility into customer deposit records.

Michael Kozub, CEO of TransPecos Banks, highlights the benefits of Oscilar’s platform, noting its ability to update rules and implement changes faster than any other platform they’ve seen. This responsiveness is invaluable for adapting to new regulations. Oscilar, which launched from stealth last year, projects that the partnership will reduce AML operational costs at TransPecos Banks by 40% and generate over $3 million in annual cost savings.

By tapping Oscilar, TransPecos Banks is poised to strengthen its compliance infrastructure, support multiple fintech partners, and navigate the complexities of the BaaS landscape with enhanced efficiency and security. This collaboration underscores the bank’s commitment to leveraging cutting-edge technology to drive innovation and growth while maintaining stringent regulatory standards.

TransPecos BaaS compliance efforts are set to transform the bank’s operational efficiency, marking a significant milestone in its journey toward becoming a leading provider of BaaS solutions.


To delve deeper into this topic, please read the full article on FinTech Futures.