Review of SunGard’s Protegent Compliance Platform

Recently, we published our annual list of the “Top AML Software Solutions for Financial Services Firms.”

SunGard’s Protegent suite of compliance solutions was one of the platforms included in our list of the best anti-money laundering (AML) compliance tools.

Below, we present a detailed review of SunGard Protegent’s compliance software.

SunGard Protegent AML Software Solutions – Product Highlight

SunGard’s Protegent suite of compliance solutions offers a comprehensive suite of anti-money laundering compliance solutions through its Protegent product lineup.

The platform allows you to reuse common components across multiple solutions instead of developing or integrating individual components.

This is very important as it allows a firm to save time and money, while giving the firm’s compliance teams a technology package that can scale as business grows.

For financial services organizations, as well as banking institutions, the company utilizes an SAAS program that delivers real-time screening through a process of data capture and advanced information processing.

Protegent solutions assist organizational users with advanced due diligence directives, as well as timely compliance with AML and financial crimes regulations, as they relate to customer onboarding and ongoing transaction surveillance.

Company Overview – SunGard Financial Systems

Combining 30 years of industry expertise with the most current AML and financial crimes data, SunGard has been an industry leader in developing comprehensive software solutions for organizational compliance needs.

SunGard assists organizations in running more efficient compliance programs through a flexible suite of software modules, helping to reduce costs while increasing productivity.

The company works with a wide range of institutional customers, including those working as asset managers, traders, custodial firms, compliance officers, treasurers, insurance companies, risk and hedge fund managers, and plan administrators. SunGard is a global organization with operations in over 40 countries with over 25,000 clients.

SunGard Financial Systems Ranking and Accolades

As a recognized industry leader in technology and data software solutions, SunGard consistently receives best-in-class rankings. The most recent include:

  • Wealth & Finance International Best for Financial Services Software, USA, in 2014
  • Americas Derivatives Awards Technology Provider of the Year in 2014
  • Wealth Adviser Awards Best Technology Provider – Transaction Processing in 2014
  • Family Wealth Report Awards Best Transaction Processing Solution in 2014
  • FinTech 100 Preferred Vendor in Financial Services since 2003
  • Risk Technology Rankings Top Technology Vendor for its Enterprise-Wide Market Risk Management and Asset and Liability Management in 2013

SunGard Financial Systems is also endorsed by Banking Technology magazine.

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Overview of SunGard Protegent AML Solutions and Tools

SunGard offers a flexible suite of software as service programming for financial services and banking organizations worldwide, focusing functionality on both analysis and transaction patterns.

The Protegent AML solution offers users a wide range of options to address compliance needs, including the following intuitive functions:

  • Assistance with meeting regulatory requirements for both AML and CFT
  • Streamlining compliance operations while reducing costs
  • Compliance with global regulations
  • Delivering high-quality detection services and analysis
  • Increasing efficiency through simplified workflow processes and real-time alerts management

In offering each of these AML functions, SunGard Protegent AML software utilizes the following advanced modules:

  • AML Module
  • Customer Onboard

Key Features of SunGard Protegent AML Software Solutions and Tools

AML Solution

Providing both banks and financial institutions with the necessary automation to achieve the greatest level of AML compliance, Protegent AML Solution software creates an environment where risk mitigation is a simple process.

SunGard Protegent AML Software SolutionsImage Source: Pixabay

Through standardized decision-making functionality in relationship with intuitive, auditable reporting, this module includes the following advanced tools:

  • Data analysis
  • Information validation
  • Exceptions reporting
  • Risk assessment
  • Watch list matching
  • Know your customer due diligence
  • Unusual behavior detection
  • Case management through integrated but simplified workflow processes
  • Management and regulatory reporting

These tools are fueled by SunGard’s vast database of the most current information available on the market and are passed along to compliance officers, administrative staff, and system admin controllers as needed.

Customer Onboard

As AML requirements become more stringent, financial services firms and banking institutions are continually enhancing due diligence processes in their AML efforts.

SunGard’s Customer Onboard software solution is a direct response to these ever-changing regulations, addressing the following organizational needs:

  • Full integration with client relationship manager software
  • Monitoring and reporting of client transactions
  • Wizard-based data entry for new account openings based on:

Account type specific

Client type specific

Rule-based flow

Management of pending accounts and partial entries

  • Account reviews based on:

Account suitability

Product suitability

AML risk scoring

Client verification

Watch list checking

In addition, the Customer Onboard platform automatically reports potential red-flag accounts to the appropriate party, creating an auditable trail.

Benefits of SunGard Protegent AML Solutions and Tools

Comprehensive Solution – Protegent AML Solution and Customer Onboard platforms provide both flexibility and scalability as a single software solution, which allows organizational users the necessary capability to automate risk mitigation efforts.

Protegent is a web-based platform that provides real-time information in relation to transaction and account information, reports, and alert results in one easily accessed environment.

Lower Operation Costs and Increased Productivity – Because SunGard’s AML software solutions are streamlined and easy to implement and integrate with already established programming, organizational users have the ability to lower operation costs and reduce the time and investment necessary for training new users.

Additionally, the program’s automation helps to ensure compliance with OFAC and AML regulations with fewer false positives.

This ultimately increases productivity and lends a hand to time management through prioritization.

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