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Enhanced Offering for USA PATRIOT
Act Compliance |
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| New customer identification and verification capabilities to i/Lytics SECURE™ help companies meet October 1 deadline |
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| Pittsburgh, PA - September 10, 2003 - Innovative Systems, Inc., a leading provider of customer data integration solutions, today announced the addition of Customer Identification Program (CIP) processing to its i/Lytics SECURE™ compliance solution. Expanding the product's scope to include customer identity verification, in accordance with Section 326 of the USA PATRIOT Act, i/Lytics SECURE provides a comprehensive compliance solution for financial services organizations aiming to meet the regulation's October 1, 2003 deadline. |
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| In response to threats of terrorism and money laundering, many U.S. and international governmental bodies have passed legislation mandating customer screening, identity verification and anti-money laundering procedures. Chief among these new laws is the USA PATRIOT Act of 2001, which requires many U.S. organizations to screen customer records and transactions against complex government suspect lists. Section 326 of the USA PATRIOT Act further mandates that as of October 1, 2003, financial services organizations must also verify the identities of all new customers. i/Lytics SECURE is designed to overcome the operational difficulties in meeting these important compliance requirements, while at the same time ensuring the highest levels of accuracy, efficiency and confidence. |
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| "Innovative has a unique understanding of the challenges and intricacies associated with screening and matching individual and organizational names, because we have made this our business for thirty-five years," said Mike Healy, Innovative's executive vice president of marketing. "Since introducing our compliance product five years ago, Innovative has continued to expand and enhance the offering in order to best meet our clients' evolving compliance needs. |
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| "Leading organizations choose i/Lytics SECURE because its unparalleled power and flexibility enable them to leverage their investment for a variety of compliance and data integration projects. The addition of customer verification capabilities to i/Lytics SECURE reaffirms Innovative's commitment to providing our clients with compliance solutions that not only ensure the success of their efforts, but — most importantly — reduce their risk," Healy concluded. |
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| i/Lytics SECURE uses Innovative's powerful data cleansing, data matching, database management and suspect screening capabilities to provide a comprehensive compliance solution that offers unmatched accuracy and efficiency. It is the only compliance solution that combines both heuristic and referential matching to screen customer data against complex government lists and verify new customer identities. |
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Innovative's new CIP processing capability compares an organization's customer records against a database of more than 20 billion U.S. consumer and business records. This proprietary database is updated daily and provides accurate and detailed historical and forward-looking customer contact information. Any combination of required customer data elements can be checked against this resource to obtain customer identification. Individual CIP queries are supported via web and client applications. Innovative also provides on-demand batch capabilities
for high-volume requests, and supports XML APIs for direct
legacy application. |
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| About Innovative Systems, Inc. |
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| Innovative Systems is a world leader in delivering enterprise customer information solutions to organizations whose success depends on a complete and accurate understanding of their customers. ISI's solutions include: i/Lytics® Enterprise Data Quality Suite; i/Lytics GLOBAL™ Suite for CASS™ certification, geocoding, and longitude/latitude coordinates; Synchronos™, ISI’s proven CDI and enterprise customer management solution; and FinScan™ for compliance list, sanctions and PEP screening compliance. |
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| Since 1968, companies worldwide have relied on ISI’s data quality software, systems integration, database solutions and customer data quality audits. The company has set the standard for data quality management in thousands of customer-centric projects utilizing the firm’s services for creation and maintenance of customer data. ISI’s work has included clients in more than 30 countries. ISI maintains headquarters in Pittsburgh, Pennsylvania, with European operations based in London. Representative offices are in Washington, D.C., Phoenix, AZ, and Mexico City. The Innovative Web site is located at www.innovativesystems.com.
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| Company Press Contact: |
Karin O'Sullivan
Innovative Systems, Inc.
Tel: +1 (412) 937 7678
kosullivan@innovativesystems.com |
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Trademark Notice
i/Lytics, i/Lytics Data Profiler, i/Lytics SECURE, eWatchLine, FinScan and Synchronos are trademarks of Innovative Systems, Inc. All other products or company names are used for identification purposes only, and may be trademarks of their respective owners. |
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