iStream Financial Services’ Anticipation of Risk Management Related to Remote Deposit Pays Off
January 27, 2009 – Brookfield, Wisconsin – iStream Financial Services, Inc., a financial technology company in the business of managing payments, announced today the company’s systems, policies and practices are on target with the FFIEC’s newly-released guidelines for risk management for Remote Deposit Capture (RDC).
“These new risk management guidelines from the FFIEC are critical guidelines for examiners, business owners, banks and technology providers as many of the solutions out there aren’t as secure as they could be. Based upon our experience in payments, we anticipated and appreciate the need for these controls. That said, we’ve worked hard to ensure the reliability of our systems and procedures surrounding our solutions. The completion of our SAS 70 Type II specific to RDC processes is just one way we have proved our commitment to our customers” said Fred Joachim, President, iStream Financial Services.
“We believe we have the most secure solution on the market. Our RDC process is secure from start to end, beginning with encrypting the images at the point of capture and eliminating the need for the user to store or export sensitive data.”
iStream’s foresight goes back years, not just months. In October of 2006, iStream was asked to present at the FDIC Technology Summit in Washington D.C. regarding “Emerging Issues and Risk Mitigation in the Financial Institution Industry”. The presentation focused on helping auditors and regulators understand the risks related to RDC. iStream continues to be a leader regarding RDC processes and technology.
“You read and see the effect of data breaches almost daily. From credit card information to Social Security Numbers, no person or company ever wants it to happen” states Mike Nell, VP of IT. “Our IT team has over 75 years experience developing solutions which address the inherent risks in payments systems. We were able to leverage that experience to engineer security, integrity, and reliability into our solution from the start.”
iStream’s Remote Deposit Capture service has seen phenomenal growth within the past few years. iStream’s flexible solution enables businesses to leverage multiple banks and is a major differentiator in the marketplace. In today’s economy, iStream provides businesses the controls they need while being able to work with the banking partner of their choice.
The FFIEC guidance, entitled “Risk Management of Remote Deposit Capture,” addresses the essential elements of RDC risk management: identifying, assessing, and mitigating risk, as well as measuring and monitoring residual risk exposure. The guidance also discusses the responsibilities of senior managers in overseeing the development, implementation, and operation of RDC in financial institutions.
iStream developed the first integrated Application Service Provider (ASP) RDC solution that enabled the company to go direct to customers and offer Financial Institutions a superior solution. The essential ingredient for iStream’s success is simplicity: the iStream ASP model takes minutes to set-up; the deposit process is three easy steps; and the user-friendly system moves beyond the deposit to incorporate online reporting, returns management, and is easily integrated to back office applications such as accounts receivable systems.
About iStream Financial Services:
iStream Financial Services’ core mission is to provide businesses and banks solutions to consolidate and manage various payment types. The company leverages its technology platform, knowledge and people to introduce new products that will help business and banks across the country. iStream complies with FDIC security standards and is audited annually. The company has also completed a SAS 70 Type II to validate the end-to-end controls of our Remote Deposit Capture process ensuring the integrity, reliability, and security of our application and systems.