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Innovative Systems' News & Events |
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Press ReleasesInnovative Systems' Compliance Solution Selected by the Principal Financial Group i/Lytics SECURE™ is chosen to ensure U.S. Treasury compliance for Fortune 500 financial services firm Pittsburgh, PA - September 18, 2002 - Innovative Systems, Inc., a leading provider of customer data integration solutions, today announced from the Homeland Security Technology Expo and Conference in Washington, D.C. that the Fortune 500 global financial services firm, the Principal Financial Group, has selected Innovative's i/Lytics SECURE software solution for its U.S. Treasury compliance efforts. The Principal joins other financial services firms that are leveraging Innovative's compliance software to ensure conformity with new and existing regulations designed to combat terrorism, fraud, identify theft and money laundering. The Principal will use i/Lytics SECURE to enhance the company's process of comparing its customer database and transactions against the U.S Treasury's Office of Foreign Assets Control (OFAC) list of suspect individuals, foreign countries, terrorism-sponsoring groups and international narcotics traffickers. According to existing regulations, these entities are subject to financial transaction controls and the freezing of foreign assets. i/Lytics SECURE enables financial institutions and other organizations to intelligently screen and block transactions with these entities by accurately identifying client records that match suspects on the OFAC list. "We view our relationship with Innovative as a long-term, strategic partnership, and selected its compliance offering because it was the solution best suited to adapt its identification and matching logic to our specific business requirements and environment," said Tim Dohlman, Assistant Treasurer for Principal. "We expect this flexibility to provide a significant cost and time savings as we will avoid reviewing a large number of 'false-positive' records that a less intelligent system would generate on our customer data base as well as on our daily financial transactions." Innovative first introduced its compliance product in 1998 as the Innovative OFAC Solution. It was originally developed to meet the needs of Innovative's financial services clients interested in extending their use of the company's customer data management software to their compliance processes. Initially designed to help firms conform with U.S. Treasury regulations, Innovative's compliance offering has since been expanded to include a host of additional international government agencies' criminal suspect and fugitive lists. "Innovative understands the challenges and complexities of screening individual and organizational names, because we have made this our business for over thirty years," said Mike Healy, executive vice president of marketing for Innovative. "The company has earned a reputation for operational excellence as a result of its proven record of success in the complex, high-volume operational environments of the world's leading financial services firms. We are honored that the Principal views us as an important partner. It is our mission to deliver quality products and develop strategic partnerships with our clients." Compliance regulations for financial services firms increased when the U.S.A. PATRIOT Act was signed into law by President Bush on October 26, 2001. The Act contains strong measures to prevent, detect, and prosecute terrorism and international monetary laundering. It requires that all financial services organizations develop and implement new screening processes at the time an account is opened, as well as at points of transaction. i/Lytics SECURE's real-time processing capabilities allow financial organizations to meet this challenge by providing the ability to identify potential criminal suspects while an actual transaction is taking place. Unlike other compliance offerings, i/Lytics SECURE prepares government-provided lists for clients by performing rigorous data cleansing, formatting and maintenance. This ensures the highest level of efficiency and accuracy in screening customer databases and transactions against government lists. In addition, i/Lytics SECURE's powerful heuristic matching technology allows organizations to apply very specific and intelligent criteria for flagging suspect records. By permitting an organization to establish a sophisticated pattern of screening elements, i/Lytics SECURE intelligently identifies suspect records according to the organization's unique threshold. About Innovative Systems, Inc. Since 1968, companies worldwide have relied on ISI’s data quality software, systems integration, database solutions and customer information process consulting. The company has set the standard for data quality management in thousands of customer-centric projects utilizing the firm’s services and software for creation and maintenance of customer-centric databases. Innovative Systems is headquartered in Pittsburgh, Pennsylvania, with European offices in London, and representative offices in Brazil, Mexico, the Netherlands, Norway, South Africa, and the Middle East. ISI software supports both UNIX and IBM operating systems in interactive and batch modes. Its screens can easily be adapted to any language, and its software supports Unicode. ISI has completed projects in more than 30 countries in seven natural languages – with additional languages added on demand. The Innovative Systems Web site is located at www.innovativesystems.com. Company Press Contact: Trademark Notice |
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