Fiserv has announced the availability of their new Signature(TM) v. 9.2 banking platform which includes dynamic risk analysis along with activity profiling and alerts sent based on changes in customer behavior. It also includes automation of OFAC screening of International ACH Transactions and affiliated marketing capabilities to manage marketing campaigns.

While I’m sure this software is great and I really don’t know that much about banking platforms, it just makes me wonder: where is this all headed?

It’s like the old scenario: you show up to a fight, your opponent shows up with bats, so you come back with chains, they come back with knives, then you come back with guns, etc. You get the idea. The fact companies have to keep coming up with better technology to, in part, ascertain and defend against would be OFAC violators seems like a never ending struggle. I think the sanctions regulations need a major overhaul to become more effective and “smarter”. New software seems like a temporary fix.

Just some musings on a Friday afternoon. Please leave comments below if you have an opinion on the subject.