System and method for risk evaluation in EFT transactions

A computer-implemented method for facilitating risk assessment for an EFT transaction, the transaction occurring between at least an originating participant and a destination participant, the method comprising:

• receiving EFT data pertaining to the EFT transaction;
• determining that the EFT data for at least one of the EFT participants lacks a corresponding country identification;
• accessing an alias table stored in a computer memory, the alias table containing country information for facilitating identification of a corresponding country associated with the at least one EFT participant;
• making a country identification implementing a computer processor through consultation with the alias table and execution of a matching process, the matching process incorporating the EFT data and alias table country information to identify the corresponding country;
• and
• passing the country identification to risk analysis components for evaluating risk associated with the transaction based at least in part on the corresponding country.

A computer-implemented system for facilitating risk assessment for an EFT transaction, the transaction occurring between at least an originating participant and a destination participant, the system extracting EFT data from the transaction between the participants, the system comprising:

• an alias table stored in a computer memory, the alias table containing country information for facilitating identification of a corresponding country associated with at least one participant in the EFT transaction when the EFT data does not identify the country;
• an electronic funds transfer processor, the electronic funds transfer processor attempting to recognize each corresponding country based on received EFT data;
• and
• a country identification engine implemented by a computer processor for facilitating identification of each country not recognized by the EFT processor by performing steps including;
• accessing the alias table and executing a matching process, the matching process incorporating the EFT data and alias table country information to identify the at least one corresponding country, and
• passing the country identification to risk analysis components for evaluating risk associated with the transaction based at least in part on the corresponding country.

A computer-implemented system for facilitating risk assessment for an EFT transaction, the transaction occurring between at least an originating participant and a destination participant, the system extracting EFT data from the transaction between the participants, the system comprising:

• an alias table stored in a computer memory, the alias table containing country information for facilitating identification of a corresponding country associated with at least one participant in the EFT transaction when the EFT data does not identify the country;
• a country identification engine implemented by a computer processor for facilitating identification of the at least one corresponding country through consultation with the alias table and execution of a matching process, the matching process incorporating EFT data and alias table country information to identify the at least one corresponding country, the country identification engine passing the country identification to risk analysis components for evaluating risk associated with the transaction based at least in part on the corresponding country;
• an exception record for recording a best match when the country identification engine fails to find a perfect match in the alias table;
• an updating engine for periodically updating the alias table based on the exception record and feedback from the risk analysis components;
• a reporting engine for providing reports based on updates made by the updating engine;
• an audit engine for providing an audit trail based on updates made by the updating engine;
• and
• user interface presentation components for displaying a window for viewing of the audit trail.