#United States #Kansas City #Compliance Testing #Academy Bank #Cable

Academy Bank and Cable: A Strategic Partnership

Introduction

In the evolving landscape of banking and fintech, strategic partnerships have become essential for growth and compliance. Recently, Academy Bank, a well-established entity with nearly 60 years in the industry, has announced a partnership with Cable, a leader in automated compliance testing. This collaboration marks a significant step forward for Academy Bank as it seeks to bolster its fintech partnerships and enhance its core client offerings.

About the Partnership

Located in Kansas City, Missouri, Academy Bank holds around $3 billion in assets and emphasizes leveraging technology to manage compliance effectively. By partnering with Cable, Academy Bank aims to automate the Bank Secrecy Act (BSA) oversight across its fintech partnerships. Natasha Vernier, CEO of Cable, expressed pride in the strategic foresight exhibited by Academy Bank throughout the partnership development. The collaboration aims not just to enhance compliance testing efficiency but to provide a proactive risk management approach as the bank grows.

Why Automated Compliance Testing?

Cable's platform presents a cutting-edge solution that enables financial institutions like Academy Bank to continuously verify the effectiveness of their regulatory controls. By automating the performance testing for various regulations, including BSA, Reg B, Reg E, and Reg Z, Cable ensures an efficient process where real-time audits are logged. This becomes especially crucial as Academy Bank expands its services and operations within the fintech sector.

Key Features of Cable's Platform

1. Continuous Testing: Cable allows banks and fintechs to automate the testing process for regulatory compliance, covering a comprehensive array of accounts, transactions, and other financial activities.
2. Real-time Audit Trails: Logging audits in real time ensures that compliance checks are always up-to-date, significantly reducing the chances of non-compliance.
3. Enhanced Oversight: The partnership provides Academy Bank with crucial oversight over its fintech relationships, facilitating trust and regulatory adherence across the board.

Statements from Key Figures

Kate Meriwether, Director of BSA at Academy Bank, emphasized the bank's commitment to innovative technology in strengthening its compliance framework. She highlighted that the partnership with Cable represents an advancement in ensuring compliance while simultaneously expanding the bank's service offerings. This shared commitment towards a technologically adept and regulatory-compliant future speaks volumes about both organizations' dedication to proactive risk management.

Conclusion

Academy Bank's collaboration with Cable is an important milestone in the journey towards improved compliance solutions in the banking sector. This partnership not only demonstrates a commitment to leveraging technology for regulatory adherence but also positions Academy Bank favorably for continued growth in the fintech sphere. With a shared focus on compliance and risk management, both Academy Bank and Cable are poised to set new standards in the industry. More information about Cable and its array of services can be found at Cable's official website.

About Academy Bank

Academy Bank operates with a full-service commercial approach, offering various financial solutions ranging from commercial banking to treasury management and mortgage services. With 80 banking centers across Arizona, Arkansas, Colorado, Kansas, and Missouri, Academy Bank embodies a commitment to serving diverse customer needs, supported by the robust framework provided through its alliance with Cable.

In summary, this strategic partnership not only reinforces Academy Bank's commitment to maintaining the highest standards in regulatory compliance but also sets a precedent for future collaborations within the banking industry, driving technology and compliance hand in hand.