ATTUS Technologies is set to release an updated version of its web-based Regulation CC solution, WatchDOG for Reg CCTM 2.0, which provides banks front line automation of check hold calculation, funds availability and customer disclosures.
Reg CC, or the Funds Availability Act, is a financial services regulation that addresses the length of time institutions can hold deposited funds before making them available to the account holder. Reg CC was enacted to provide fair and uniform guidelines and disclosure to customers about how their deposited funds will be handled and credited to their accounts.
“The enhancements made to our solution will change the way that Reg CC is handled at the teller line,” said Trey Sullivan, president and CEO of ATTUS Technologies. “Not only does WatchDOG for Reg CC help banks better reduce errors and inconsistencies in hold time calculation, but it will also cut teller transaction time and reduce training costs.”
Enhanced features of the WatchDOG for Reg CC 2.0 solution include: Ability to calculate multi-item holds; Supervisor override and void functions; Five security levels; Detailed reporting at Bank, Region, Branch and user level; Capability to hold and segregate data at a Regional level; Ability to set branch cut-off time; Mailed and in-person disclosure notices.