Epoch Data Is On The Money


Now in Melville, N.Y., Epoch is launching EDI Detect, a financial crime management suite for anti-money laundering, AML compliance, fraud control and risk mitigation. Simply, the software is a realtime events-based transaction monitoring tool that can detect, track and document large monetary transactions, meaningful customer events and software/platform issues that require investigation. Epoch has launched a channel program in conjunction with the platform.

"With the Patriot Act and Sarbanes-Oxley [Act] in place, compliance has now become a function of the law," said Epoch Vice President Chris Cangero. "Our package is flexible enough to handle anti-money laundering, fraud and risk mitigation."

"There are so many different types of companies that can utilize this type of platform," said CEO Greg Cangero, Chris' father. "Look at large retailers that sell gift cards, credit-card companies or wire transfer. Many different companies are moving billions of dollars. That all used to be tracked manually. Now, the whole process can be automated. That's a significant opportunity for solution providers because there are very few companies in the United States that are exempt from many of the new requirements."

The platform also can be customized so clients can discover and map their customer habits and behavior and use that information to optimize sales strategies. "Once you integrate Detect into a client's platform, you can help them analyze the effectiveness of their marketing programs," said Paul Silverstein, executive vice president of Epoch.

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Jim Dufon, executive vice president of Sapphire Mobile Systems, a Philadelphia-based developer of cellular phone-based banking, billing and payment solutions, plans to integrate Detect into its new Phire network platform. "Obviously, money laundering is a major issue right now, and the government is specifically looking at the pre-paid market," he said. "Those transactions need to be monitored. We don't want to be in the news in that sort of fashion."

Dufon said he looked at several other AML platforms and was impressed with Silverstein's knowledge of compliance issues and the flexibility of the Detect technology.

Epoch's channel program includes a Bronze level, a basic referral program for resellers looking for an agent fee for bringing a qualified referral to Epoch, which then would handle full sales and integration. Bronze-level partners also can use the program as an entry point to the Gold level. End users are expected to spend an average of about $350,000 on a typical Detect solution, said Greg Cangero, adding that Gold-level VARs receive margin on the platform. The Gold level requires a $10,000 investment and a $5,000 annual renewal fee. "One sale will more than cover the investment," he said.