Sunwest Bank Commercially Launches its Proprietary Foreign Correspondent Banking Software FOCSS After Nearly 10 Years of Internal Use, Providing the Most Effective Platform for the Management of Cross Border Transactions to the International Banking Market

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Sep 12, 2024, 14:41 ET

SANDY, Utah, Sept. 12, 2024 /PRNewswire/ -- Sunwest Bank, a leader in banking technology and services, is proud to announce the commercial launch of FOCSS (Foreign Correspondent Surveillance System), a proprietary compliance software platform developed by Sunwest to monitor, analyze and screen cross-border transactions for correspondent banks. Sunwest is approaching the 10-year anniversary of its very successful, in-house proprietary software platform that combats global money laundering, and is now offering this proven software platform to correspondent and international banks to combat the ever-increasing threats to the international banking system and growing sophistication of money laundering practices.

Sunwest Bank launched the initial version of FOCSS in 2015 and has used its team's extensive experience combined with its proprietary database to continually enhance the technology platform into an industry leading tool as demonstrated by a proven track record with US financial and banking regulators. FOCSS delivers an extensive rules engine, integrations with international and domestic person matching databases, sophisticated tracking, and a robust audit tool to equip banks to combat bad actors and organizations across international borders.

"After more than a decade of effective internal use, Sunwest Bank has modernized the platform enabling it to be licensed to other international banks," said Matt March, EVP, Chief Information Officer of Sunwest Bank. "Today, I believe it is the strongest transaction monitoring and anti-money laundering platform available to banks for monitoring cross-border and currency exchange transactions."

"Over the past 10 years, Sunwest Bank has managed one of the most stringent foreign correspondent banking organizations in the world, and the proprietary software tool our team built, FOCSS, has been instrumental in managing our compliance program and our flawless track record with US and global regulators," said Carson Lappetito, President. "Sunwest has been a key partner to the Federal Reserve Bank in ensuring US Dollar dependent economies around the world have access to US Dollar currency.

Sunwest is excited to commercially launch its software platform FOCSS, providing the most robust anti-monetary laundering software platform to the international correspondent banking market for cross-border transactions, enabling a safer and more secure exchange of US Dollars around the globe.

To learn more about Sunwest Bank, visit https://www.sunwestbank.com/.

About Sunwest Bank
Founded in 1969, Sunwest Bank is a privately held commercial bank with more than $3.0 Billion in assets. Headquartered in Sandy, UT, with operations in California, Arizona, Idaho, Utah, and Florida; Sunwest is an entrepreneurial business bank with a long tradition of providing excellent service to entrepreneurs, privately held corporations, family offices, small-medium sized business and real estate developers throughout the Western United States. Sunwest Bank is a Member FDIC and Equal Housing Lender.

SOURCE Sunwest Bank