Newest Version of FinScan® Makes AML Compliance Screening Faster & Easier While Reducing Risk
Innovative Systems, Inc.'s latest software release features streamlined screening and review process to fight Money Laundering and Terrorist Financing more efficiently
PITTSBURGH, PA –April 11, 2016 – Innovative Systems, Inc. (Innovative), a leading global provider of enterprise data management and regulatory compliance software solutions, today announced the next generation of FinScan, its advanced sanctions and politically exposed person (PEP) compliance screening solution. The new FinScan release helps organizations combat money laundering and terrorist financing activities more efficiently and effectively by offering improved speed, additional workflow functionalities, and a more comprehensive view of their customers.
Today, organizations worldwide face ever-increasing and more complex regulatory requirements to screen customers, vendors, and other associates against sanctions and PEP lists. To meet these requirements, compliance departments are often pressured to review screening results in a relatively short amount of time.
FinScan helps organizations address these challenges by greatly reducing the effort required to screen their customer data against any internal or external list and review potential matches, while maintaining the highest accuracy.Â Beta testers found that FinScan's enhanced speed and performance, more intuitive user interface, additional workflow functions, and custom reporting significantly increased reviewer productivity, freeing up resources that could then be focused on other important compliance efforts.
"Our customers have told us that with the ever-increasing complexity of sanctions requirements and fines for non-compliance growing every year, they need a solution that can help them screen more data in less time and allows them to review fewer hits more accurately," said Joel Borsh, Innovative's Vice President, North America. "We understand the need to control the number of the false positives while still minimizing the risk of missing true hits. FinScan is designed to address these needs."
Additionally, FinScan is now enabled on Synchronos® Innovative's enterprise data management platform. Synchronos allows organizations to consolidate data from various sources and departments to create a consistent, comprehensive customer view. As a result, compliance officers can better identify and manage risk through an aggregate view of customer/household/organization, which can eliminate duplicate screening of the same customer and provide an all-inclusive view of the record that matched, enabling more accurate decision making.
FinScan incorporates the proprietary data quality and data matching technologies that have been the hallmark of all Innovative Systems, Inc. products for more than 45 years. It is highly scalable and seamlessly integrates with all third-party databases. FinScan can be delivered as a secure cloud, on-premise, or transactional software solution. Visit www.innovativesystems.com for more information
About Innovative Systems, Inc.
Innovative Systems, Inc. is a global leader in the development and delivery of high-performance enterprise data management and risk management solutions to organizations whose success depends on a complete and accurate understanding of their customers. Since 1968, companies worldwide have relied on Innovative's data management software, systems integration, database solutions, Master Data Management (MDM) offerings, and compliance solutions.
Innovative has its global headquarters in Pittsburgh, Pennsylvania, US; EMEA/APAC headquarters in London, UK; and additional sites in Germany, Canada, Mexico, the Cayman Islands, Colombia, the Netherlands, and Singapore. Innovative's products and services are used in more than 40 countries, and its Software as a Service (SaaS) solutions process over 49 billion customer records annually.
As the compliance brand of Innovative Systems, FinScan is a leading global provider of advanced anti-money laundering (AML) solutions. Organizations faced with ever-increasing regulatory requirements rely on FinScan to efficiently screen customers, vendors, and other associates against any high-risk, sanctions, or internal black lists. Using proprietary data quality and matching technologies, FinScan helps minimize false positives and reduce the risk of missing true hits. Its sophisticated engine is also recognized for its exceptional speed and scalability, and can easily be configured to your specific risk profile. Its case management tool streamlines the review process through its workflow support and custom reporting capabilities. FinScan's comprehensive offering includes sanctions and PEP screening, SWIFT/transaction screening & monitoring, ID validation, beneficial owner screening, and data enrichment capabilities through on-premise or SaaS deployments.
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