Transactional and Portfolio Sweep

Gives departments beyond underwriting that process monetary transactions the in-house capability to rapidly check the OFAC¹ and OSFI² databases for names involved in claims, refunds; policy changes: owners, beneficiaries, payors, etc. Provides a means to check business not typically submitted to the MIB Checking Service: annuities, guaranteed issue, AD & D, etc. One off manual data entry connectivity with WEB-TERM, or automatic processing through WEB-DIRECT.

Outsourcing significantly reduces demands on your IT staff and reduces cost of ownership and operation. MIB's time-tested, proprietary name search technology provides optimal performance balancing find probabilities while minimizing false positives thereby reducing expensive due diligence.

Lets companies periodically send large data files of names to MIB that are associated with an entire block of in-force business to check against OFAC and OSFI lists. Customer records are submitted in common, specified formats for scanning and verification. Results are returned on CD-ROM providing summary data, an audit file of all records searched and a list of potential matches. Matched names are hyperlinked to the OFAC or OSFI web sites or details can be referenced with MIB's web-service Look-up Utility.

OFAC and OSFI data is updated daily assuring transactional searches provide the most up-to-date information. Portfolio sweeps can be run periodically to capture all list updates.

¹U.S. Treasury's Office of Foreign Assets Control
²Canada's Office of the Superintendent of Financial Institutions