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American Education Services in Compliance
with Innovative Systems |
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Student lending and services organization successfully implements i/Lytics SECURE™ to screen applicants against government-mandated watch list
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| PITTSBURGH, PA – March 29, 2005 - Innovative Systems today announced that American Education Services (AES), the nation’s third largest student loan servicer and ninth largest student loan holder, is successfully using Innovative’s i/Lytics SECURE software to screen its loan applicants against the U.S. Treasury’s Office of Foreign Assets Control (OFAC) sanctions list. Additionally, AES is also screening loan applicants to the more than 200 lending institutions within its services network. Innovative Systems, a global provider of customer data integration and regulatory compliance solutions, has been providing business and technology solutions to the financial services industry since 1968. |
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| AES implemented Innovative Systems’ compliance software to ensure that no grants or loans would be extended to individuals on the OFAC sanctions list. In a competitive review, i/Lytics SECURE was selected as the solution that best met the organization’s selection criteria, which included its breadth of capabilities, ease-of-use and lowest total cost of ownership. Today, i/Lytics SECURE is successfully operating throughout the AES processing environment, which includes 15 independent databases – some on mainframe and others on open systems platforms. |
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| “i/Lytics SECURE is working great,” said Diane Freundel, Assistant Vice President of Compliance and Contract Review. “We have been very pleased with the results, as have our lenders. In addition to the product’s ability to confidently minimize false-positives and their associated time and costs, we’re also taking advantage of the product’s ability to generate our own internal safe-lists and risk-lists, which helps us to make better business decisions as well as meet our compliance obligations.” |
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| “We are pleased to report the success of the AES compliance initiative,” said Jeff Canter, Innovative’s executive vice president of operations. “It’s a great example of why our approach to compliance is so compelling, particularly for financial services organizations that have complex data environments with heavy transaction loads. Our 37 years’ experience in delivering data quality, data integration and regulatory compliance solutions to this industry is distilled into our products and services, and allows us to successfully implement – and more importantly, our clients to successfully execute – our solutions in the most time- and cost-effective manner.” |
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| Prior to implementing the compliance software, Innovative’s delivery professionals worked with the AES project team to improve the data quality within its applications systems in order to optimize the OFAC screening process. In all, the total implementation and data clean-up effort for the AES compliance project took less than three weeks. |
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| 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 company offers a range of delivery models for its compliance solutions, including web-based, hosted services or software licenses. Pairings of the solutions are also available to meet customized business and processing requirements. |
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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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