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Innovative Systems' News & Events |
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Press ReleasesFinScan’s Hosted PEP Screening Service Gains Momentum Imminent FSA visits drive move to quickly deployable Hosted AML Solution London, United Kingdom – April 8, 2008 – 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, is gaining momentum with financial services organizations seeking to quickly implement an AML screening program as part of the 3rd EU Directive. FinScan Hosted can be installed and fully operational across any organization in a matter of days. Now that the December 2007 deadline for complying with the 3rd EU Directive has come and gone and more firms face an imminent FSA visit, the speed of deployment of a hosted solution has become increasingly attractive. Outsourcing 3rd EU Directive compliance may offer particular appeal for UK organizations, as a recent survey conducted by KPMG International found that UK financial services companies are more than 3 times as likely to outsource some of their AML functions than their counterparts in the rest of Europe. Whereas other hosted screening services are limited to single client look-ups or small ‘bulk’ comparisons, FinScan’s Hosted solution provides financial services firms worldwide with the ability to screen any number of customers and associates in a single process against all PEP (Politically Exposed Persons) databases of money launderers, fraudsters, terrorists and sanctioned entities, such as World-Check, as well as any published sanctions lists, internal risk lists and industry-specific lists. In addition, FinScan Hosted now offers users the option of bringing the solution in-house at any point during the contract term. This gives organizations that require an immediate implementation of an AML screening solution the flexibility to move to a licensed solution at a later date if they so desire. Protection of Investment is guaranteed with a large percentage of the costs invested in the hosted service being credited towards the in-house license. “FinScan Hosted offers financial services firms a unique opportunity to combine industry-leading PEP screening capability with fast, hassle-free deployment,” said Mike Healy, FinScan’s executive vice president EMEA operations. “Plus, clients have the added advantage of being able to bring the solution in-house at any time they feel it’s appropriate,” Healy concluded. FinScan’s Hosted PEP screening service has already been utilized by companies such as Legal & General, Birmingham Midshires, Marex Financial, and many more. About FinScan Hosted To support the crucial process of reviewing suspicious records, FinScan produces detailed reports identifying matches to the client’s selected PEP database, along with a fully secure, Web-based case management and review tool. This unique tool assists clients in their review and enhanced due diligence by providing direct access to supporting information from the AML database. 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. 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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