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Innovative Systems' News & Events |
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Press ReleasesInnovative Systems' FinScan Offers Hosted PEP Screening in Partnership with World-Check Integrated offering delivers comprehensive solution for Third EU Directive compliance London, United Kingdom – September 20, 2007 – FinScan, a leading provider of sanctions list and PEP compliance screening solutions for the financial services industry, today announced that its software-as-a-service solution, FinScan Hosted, now enables clients to screen against the widely-used World-Check database of high-risk individuals and business entities. The availability of this heightened risk entity database through FinScan Hosted provides financial services institutions an unmatched solution for ensuring compliance with international regulations, such as the Third EU Directive, which are aimed at preventing money-laundering, terrorist financing and other criminal behavior. FinScan’s solutions enable financial services firms worldwide to screen their customers and associates against virtually any published sanctions list, as well as internal risk lists and industry-specific lists. Whereas other hosted screening services are limited to single client look-ups or small ‘bulk’ comparisons, FinScan Hosted provides these capabilities and the critical ability to screen tens of millions of client records in a single process against the World-Check database of Politically Exposed Persons (PEPs), money launderers, fraudsters, terrorists and sanctioned entities. Used in more than 1,000 projects worldwide, FinScan’s robust matching engine facilitates the efficient and accurate screening of large volumes of records with very precise rules for flagging suspicious records. This process significantly reduces the risks and costs associated with missing important matches (false negatives) and researching excessive preventable matches (false positives). “Hundreds of millions of customer records have been processed by FinScan for large and small financial services companies alike,” said Mike Healy, FinScan’s executive vice president of sales. “FinScan Hosted, in partnership with World-Check, enables organizations to quickly deploy an industry-leading PEP compliance solution without consuming significant amounts of scarce internal IT resources. Furthermore, clients know they can bring the solution in-house if and when the time is right,” concluded Healy. Several clients have already signed up for the FinScan Hosted service, including Legal & General and Birmingham Midshires. To support the crucial process of reviewing suspicious records, FinScan provides reports identifying matches to the World-Check database, along with a fully secure, web-based case management and review tool to assist clients in their review and enhanced due diligence. Clients are also given direct access to supporting information available through World-Check’s secure portal. To further streamline review operations for improved results and reduced costs, comprehensive audit trail, management reporting and ‘safe-list’ functionality are also built into the hosted service. “World-Check’s partnership with FinScan enables our clients to perform PEP compliance in line with the Third EU Directive on schedule and without compromise. We are pleased to extend this integrated offering to our clients,” said Patric Marshall, World-Check’s director of sales for Europe, Middle East and Africa. About World-Check About Fin Scan
FinScan helps organizations worldwide meet the requirements of international government regulatory agencies by providing the most advanced sanctions list and PEP compliance solutions available. FinScan offers 24/7/365 list management; licensed or hosted deployment of its software applications; outsourced case tool review; transactional screening options; and automated due diligence reports to help ensure the most effective and accurate compliance for its clients. The FinScan Web site is located at www.finscan.com. 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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