Portland, Oregon, July 8, 2011 – -
NxSystems™, Inc. announced today that it has appointed Ruth Costigan as the company’s Compliance Officer. With over twenty years of prepaid card experience in the banking industry, including management positions with Bank One and PNC Bank, Ruth is certified in BSA (Bank Secrecy Act), AML (Anit-Money Laundering) and KYC (Know Your Customer) complicance regulations.
“NxSystems™ is pleased to have Ruth Costigan come on board with such a high level of experience in banking compliance”, stated Rhonda Wallace, Director of Operations. “ Ms. Costigan will manage the company’s development, implentation and administration of NxSystems™ Compliance Management Program. In addition, Ruth has extensive expertise in SAR (Suspicious Activity Report) and CTR (Currency Transaction Report).”
“With the passage of the Dodd-Frank Act, the SAFE Act and other new regulations, the critical importance of the compliance funtions of the company have expanded the role of the Compliance Officer”, state Karl Wetzel, Chief Financial Officer. “With the addition of Ruth Costigan to the management team, NxSystems™ is equipped to meet the prepaid card industry compliance requirements.”
In addition to Ruth’s day-to-day administrative and operational compliance activities, Ruth will manage the company’s risk management, OFAC and PCI regulatory compliance, as well as perform the functions of the BSA Officer.
NxSystems™ - a leading provider of Global Payment Solutions – offers organizations of every size, and across every industry and geography, a comprehensive suite of innovative electronic payment products that access the global financial network. From payroll and commissions, personal and business travel expenses, procurement, voucher, loyalty, gift and incentive programs, student rewards, consumer rebates, airline and travel provider vouchers and buy here pay here financing, to split-tender and multi-currency payment options, the NxPay® payment platform provides a real-time web-enabled electronic payment software solution for consumers, merchants, independent sales organizations (ISOs), airline and travel providers and multi-national companies located throughout the world. NxSystems™ has banking relationships in 78 countries utilizing 85 different currencies and offers Split-Tender Transactions, Pay Any Card™, NxPOS™ and Multi-Currency Transactions. For more information about NxSystems™ array of global payment solutions, visit www.nxsystemsinc.com or call 503-513-9900.