News

West Virginia League Services Corp. and Pay Lynxs Team-up to Provide Transaction Monitoring Solution — 3/28/17

As credit unions are faced with having adequate risk rating and compliance controls in place to monitor member relationships by their examiner, the West Virginia League Services Corp. has teamed up with Pay Lynxs to offer a solution.

Pay Lynxs is a software company that provides AML/BSA and OFAC solutions for transaction monitoring, risk rating and fraud detection to help credit unions meet regulatory requirements. Pay Lynxs' cloud-based software solution, SimpliRisk, offers credit unions an alternative to manual compliance procedures and a centralized system for compliance/risk related functions.

“We are pleased to announce our newest endorsement with Paylynxs,” stated West Virginia League President Ken Watts. “With this endorsement, their SimpliRisk software will help League member credit unions identify and investigate suspicious transactions, thereby ensuring regulatory compliance while protecting their members.”

Pay Lynxs was selected because of its commitment to offering affordable, flexible solutions to credit unions to automate AML and BSA risk management procedures. Pay Lynxs’ software platform, SimpliRisk, enables credit unions to customize their transaction rules and define their own unique member risk rating model, using SimpliRisk open architecture that supports easy configuration and full transparency. SimpliRisk also offers a complete Watch List scanning module for OFAC, FinCEN (314a), and Blacklist scanning that supports front office, back office and file scanning requirements.

“Pay Lynxs is very excited about our partnership with the West Virginia League,” says Matt Conine, Pay Lynxs, founder. “Our goal is to help credit unions be compliant through the use of automated solutions that are affordable, easy to use, and address the AML/ BSA risk mitigation requirements. This is the next generation of risk management software and we look forward to introducing SimpliRisk to West Virginia Credit Unions.”

For more information about Paylynxs and their SimpliRisk solution, contact League staff at 800-642-1946.