Alaska Division of Banking and Securities Selects MicroPact STAR Financial to Streamline Financial Regulations
November 9, 2015, Herndon, VA – MicroPact, Inc., the global leader in Data-First™ Case Management and Business Process Management (BPM) software, announced today that the Alaska Division of Banking and Securities (DBS) has selected MicroPact’s STAR Financial to consolidate multiple systems, reduce paper-based processes and improve regulatory oversight. The agency will implement MicroPact’s STAR Financial to help improve customer service, increase efficiency and streamline licensing, registration, chartering, audit scheduling/results tracking, complaints and investigation activities.
The Division of Banking and Securities, which was created to protect and educate citizens who purchase financial services in the state and to promote safe and sound financial systems, regulates state depository and non-depository financial institutions, administers and enforces Alaska’s financial services laws, and provides information to consumers, investors, entrepreneurs and the financial services industry. The division includes three sections that administer 12 statutory programs. In addition to licensing, examination and enforcement duties, division staff answer inquiries, investigate and resolve complaints, and contribute to education and outreach activities.
“The products in MicroPact’s Regulatory Enforcement and Licensing suite enable regulatory agencies in the public sector to improve oversight and that in-turn enables them to better serve and protect citizens and businesses,” said Tom Sechler, CEO of MicroPact. “STAR Financial has been tailored to meet the complex requirements of financial regulatory agencies, and provide organizations with the power to adapt as business requirements change.”
The Division of Banking and Securities will leverage MicroPact’s STAR Financial to connect with the Nationwide Mortgage Licensing System & Registry (NMLS), BlueExpress and the Federal Deposit Insurance Corporation (FDIC) Call Report. The web-based COTS solution also features integrated document management and automated workflow functionality.
For nearly four decades, MicroPact has focused on engineering commercial off the shelf (COTS) solutions for US Government agencies and Fortune 500 corporations. Today MicroPact solutions serve 97% of federal agencies with 500 or more employees, 98% of U.S. states, and enjoy a 97% annual renewal rate.
From initial application to registration, examination and enforcement, MicroPact’s Financial Regulatory Compliance software solution consolidates and streamlines oversight capabilities in the promotion of a fair and sound financial marketplace.
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