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Innovative Systems' News & Events |
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Press ReleasesMB Financial Selects Innovative Systems for OFAC Compliance Agreement with Chicago-based bank expands Innovative’s financial services portfolio Pittsburgh, PA - January 26, 2005 - Chicago-based MB Financial Bank, N.A., has chosen Innovative Systems’ eWatchLine™ compliance solution for its Trust and Asset Management Department to screen its customers against the U.S. Treasury’s Office of Foreign Assets Control (OFAC) list as required by government regulations. eWatchLine, which is web-based, will replace MB Financial’s current compliance solution. MB Financial will be utilizing eWatchLine to perform real-time checks of new customers against OFAC’s Specially Designated Nationals (SDN) list, and will use the solution’s service bureau capability to periodically compare its customer databases against the list in batch mode. This flexible solution will allow MB Financial to off-load the complex task of managing and tracking updates to the OFAC list, while easily screening customers in a real-time or batch setting. Innovative’s web-based solution will allow MB Financial to precisely define their suspect matching rules in order to confidently reduce false positives. It will also maintain matching and audit reports electronically, reducing compliance management costs. “We selected Innovative Systems because of the company’s track record of success in providing high-value solutions to the financial services industry,” said Jennifer DeVries, Director of Risk Management and Operations for the Trust and Asset Management Department of MB Financial Bank. “We were impressed with eWatchLine’s flexibility, which allows us to screen not only new customers, but also regularly check our entire customer database. The ability to electronically manage our due diligence reports contributes to the ease of maintaining an effective compliance program.” By combining online screening and database processing, Innovative Systems’ compliance solutions provide organizations with the benefits of proven, reliable compliance screening systems, without the infrastructure costs associated with the implementation of traditional compliance software systems. “Flexible combinations of Innovative’s compliance offerings continue to be an attractive solution for organizations of all sizes, across industries,” said Jeff Canter, Innovative’s executive vice president of operations. “We are pleased that this approach has proven to be a viable alternative to traditional software licensing, and we will continue to work to provide the most innovative and effective business solutions in the compliance market.” All of Innovative’s compliance solutions employ the company’s powerful data cleansing, data matching, database management and suspect screening capabilities to provide unmatched accuracy and efficiency. They include screening capabilities for a host of compliance lists, including OFAC SDN, FBI Most Wanted, Bank of England, FinCEN, state and federal Do-Not-Call, and others. The solutions also offer a Customer Identification Program (CIP) capability, to meet the requirements of the U.S.A. PATRIOT Act and Bank Secrecy Act, aimed at identifying and preventing money laundering, fraud and identity theft. The solutions are offered online for real-time checks, or via a license for large database screening. Pairings of the solutions are also available, which combine online functionality with hosted or service bureau processing to provide capabilities for both real-time For additional information on Innovative’s compliance solutions, contact Deborah Nahm of Innovative Systems at 412-937-7657, ext. 7657. About MB Financial Bank 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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