Tips & Techniques:

How to Check Payments for OFAC Compliance

The WebSeries® Payments Risk Management module identifies suspect payments using a number of filter and matching criteria. This module goes beyond the exact name match of simple OFAC checking by using systematic algorithms to create many possible name variations for a single individual or vessel. It can also check country, social security number, bank accounts and more to prevent employee fraud and duplicate or other suspect payments from being made.

How WebSeries OFAC Checking Works
Every time a payment event is loaded or extracted from WebSeries, the Payments Risk Management module checks for suspect payments. WebSeries can employ as many or as few filters as needed for your specific business requirements.

Once the validation criteria are configured, the Payment Risk Profile is defined and applied to all payment types within WebSeries. If suspect payments are detected, an email alert is sent to one or more authorized users. There are two different levels of permissions given to users:

View Only — If a payment risk is flagged these users can view the payments in question, and their status.

Verify — If a payment risk is flagged these users can view the payments in question. Once they have investigated the flagged risk, they can determine whether to override the payment risk and release the payment or reject that payment and stop it before it goes out.

Once action has been taken on the identified payments, WebSeries tracks the payment information, audits any action taken and allows users to view their payment process using the comprehensive reporting tool.

False Positive Override
A built-in False Positive Override feature allows users to override names of legitimate payees who are known not to be a threat, but coincidentally have the same name as someone on the OFAC list. WebSeries lets you add the name and information of the legal payee to the False Positive list so that you can automatically override the flag and negate the need for a secondary review, each time a payment goes out to that particular payee.

The Payments Risk Management module extends WebSeries' comprehensive reporting capabilities for all risk activity. Standard reports are available to users, or detailed filter criteria can be used to narrow down a search for a specific item.

For more information on WebSeries' Payments Risk Management module, contact your local Bottomline solutions representative or call 1-800-472-1321.


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To begin receiving your copy of The Bottomline, please complete our Subscription Form. To unsubscribe, please forward this entire email to unsubscribe@bottomline.com. Bottomline Technologies (NASDAQ: EPAY) provides payments and invoice automation software and services to organizations seeking more secure and efficient financial processes. The company remains at the forefront of delivering innovative solutions that complement and extend the value of existing financial processes, business relationships and back-office systems. These solutions have enabled the world's leading corporations, banks and financial institutions to automate, manage and control processes involving payments and collections, invoice approval, cash flow, risk mitigation, reporting and document archive. Bottomline Technologies, the BT logo, PayBase, WebSeries, Create!form, Legal eXchange, NetTransact and inView AP are trademarks of Bottomline Technologies, Inc. which may be registered in certain jurisdictions. All other brand/product names are the trademarks of their respective holders. © Copyright 2005 Bottomline Technologies, Inc. All rights reserved. This document is intended for informational purposes only.