First Federal Savings Bank of Twin Falls Success StoryCommunity Trust Services Corp. Selects Banker’s Toolbox for Fraud Prevention Solutions
North Hollywood, Calif., June 8, 2009 – Banker’s Toolbox, a provider of comprehensive solutions to help financial institutions detect and eliminate money laundering and check fraud, today announced that Ruston, La.-based Community Trust Services Corp., a wholly owned subsidiary of Community Trust Financial Corp. ($1.1 billion in assets), has successfully implemented Banker’s Toolbox’s Bank Secrecy Act / Anti-Money Laundering Management System (BAM®) software to provide enterprise-wide money laundering prevention services and WirePro® for complete wire processing capabilities. With a Metavante Bankway core processor already in place, the bank holding company selected Banker’s Toolbox because the software tools create a more practical and streamlined system to detect and prevent fraudulent activity among Community Trust Financial Corp.’s two bank holdings – Community Trust Bank, with 16 branches in Louisiana, and Community Trust Bank of Texas, with one location in Dallas. In leveraging the Banker’s Toolbox software, Community Trust Services Corp. has combined all of its fraud and BSA functions into one system, replacing a time-consuming array of spreadsheets.
“As our banks continue to extend their reach, we were ready to move beyond spreadsheets and find a unified and more innovative approach to compliance reporting,” said Royce Dillard, senior vice president of Community Trust Services Corp. “Banker’s Toolbox enables us to look at everything in one snapshot, resulting in a smoother process for monitoring suspicious activity across all our banking center locations.”
Banker’s Toolbox provides end-to-end software solutions to aid financial institutions in locating and reacting to money laundering and check and wire fraud. A single vendor makes account information more easily accessible and ensures validity on entered data. Community Trust Services Corp. has implemented BAM and WirePro and purchased two additional systems, Kite Manager™ and Fraud Manager™, to implement in 2010:
- BAM, a comprehensive automated system that can monitor accounts across all bank branches. The program has the capability to identify high-risk accounts and unusual customer transactions through real-time and scheduled data reporting.
- WirePro, a system that automates the entire workflow of processing incoming and outgoing wires via interfaces with FedLine or SWIFT and the financial institution’s core processing system.
- Kite Manager, software that simplifies the work of identifying potential check-kiting activity. Kite Manager eliminates paper reports in conducting surveillance and maintains transaction histories from both the account in which a check is deposited and the account from which money is withdrawn.
- Fraud Manager, a complete system to review fraudulent checks. Fraud Manager can identify suspects quickly and accurately through analysis of serial numbers and detailed review of historical activity.
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About Community Trust Financial Corp.
Community Trust Financial Corporation is a financial holding company with more than $1.1 billion in total assets providing financial services to the north Louisiana and Dallas markets. The company supports the financial needs of individuals, small businesses, commercial entities and governmental agencies through Community Trust Bank based in Louisiana and Community Trust Bank of Texas. In addition to traditional banking services provided through the aforementioned entities, the Company makes available related financial products to its customers through partnerships with quality insurance and brokerage firms that serve the same area markets. For more information, visit the bank’s Web site at www.ctbonline.com.
About Banker's Toolbox, Inc.
North Hollywood, Calif.-based Banker's Toolbox, Inc., helps banks manage risk and streamline compliance examinations. The company's product suite consists of affordable solutions for money laundering detection and reporting, risk management through fraud and kite prevention, secure wire processing automation, and commercial real estate loan portfolio risk assessment. The Banker's Toolbox team is a unique combination of seasoned bankers and information technology consultants who specialize in designing, developing and implementing risk management solutions nationwide while providing unparalleled customer service to regional and community banks. For more information, visit the company's Web site at www.bankerstoolbox.com.
SOURCE: Banker's Toolbox