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ATTUS Technologies WatchDOG for Reg E
The Electronic Funds Transfer Act, implemented by Regulation E, establishes the basic rights, liabilities and responsibilities of consumers who use electronic fund transfer services and of the financial institutions that offer such. Without a doubt, it is one of the most complex consumer compliance laws in effect today. With the explosive growth of EFTs due to the rapid shift from paper to electronic payments, community banks need to anticipate and be prepared for the number of claims subject to Reg E to also increase. ATTUS created WatchDOG for Reg E, a web-based solution, to help community banks manage their expensive and manual processes for handling Reg E error resolution claims.
Four Innovative Points of WatchDOG for Reg E:
1)Cost Effective
•Substantially reduces the administrative and human costs of Reg E compliance.
•Helps avoid paying unnecessary claims with tools that effectively gather up-front information and manage the investigation process.
2)Improved operation and management performance
•Facilitates the entire investigative process with scripted questions, templates for customer notices, calculation and tracking of applicable timeframes and accurate accounting of liability or credits for the customer and the financial institution.
3)Improved customer relationships and customer service
•Incorporates a case management system that aids staff in completing the required error resolution procedures within the mandated timeframes to ensure Reg E compliance as well as giving customers peace of mind their claim was handled correctly.
•Automatically generates required customer notices to keep your customer informed.
4)Improved risk management
•Reduces losses from error claims and any ensuing civil or regulatory actions.
•Robust report capabilities provide compliance documentation and proof for the institutions records and future audits.
The complex requirements and broad scope of Reg E make a manual compliance process, typical in many financial institutions today, too risky and ineffective in our fast paced world. ATTUS’ WatchDOG for Reg E was designed with community banks in mind to maintain Reg E compliance and minimize losses.
ATTUS Technologies Inc.
www.attustech.com