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Innovative Systems’ SaaS Offering Experiences
100% Annual Growth
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Affordable World-Class Processing, Ease of Deployment,
Drive 790 Million Transactions |
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PITTSBURGH, PA – August 7, 2008 – Innovative Systems, Inc. (ISI), a leading international provider of customer data quality and sanctions/PEP (Politically Exposed Persons) screening solutions, today announced that its hosted processing business grew at a rate of 100% over the past 12 months. |
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ISI expects to exceed one billion checks in a transactional and hosted mode in calendar year 2008. This includes customer data quality management processing using ISI's powerful i/Lytics® Data Quality Suite, and sanctions/PEP screening using its FinScan Hosted software-as-a-service (SaaS) compliance solution. ISI has expanded its processing capacity with the opening of its hosted services site in Canada to supplement its sites in the United States and the United Kingdom. |
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With batch hosted processing, the client sends their data to ISI’s secure SAS-70 site, where it is processed according to the client’s business needs and specifications. ISI then returns the updated files or suspected screening matches to the client. |
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"Organizations are increasingly realizing the simplicity and efficiency of having us host their processing for them, instead of taking on the financial commitment and infrastructure required to license and operate the software themselves," said Bob Colonna, ISI President and CEO. "With hosting, they get all the benefits of our industry-leading data quality and compliance processing capabilities, proven worldwide for over 40 years, without any of the hassles, internal resources and expense required to purchase, implement, operate and maintain the software themselves. That means they can get the advanced processing they know their company needs – at a very affordable price – while still keeping their attention and resources focused on their core business and improving their bottom line." |
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Some organizations choose hosted processing because they need to perform advanced data quality processing on only an occasional or ad hoc basis, as might be the case for an application migration or integration, acquisition evaluation (compliance and monopolies risk), merger or acquisition, or creation of a customer list for a major marketing initiative. Hosted processing enables them to take advantages of i/Lytics' powerful knowledgebase-driven data cleansing, unique "intelligent" linking and automated address validation capabilities on an economical, pay-per-use basis. |
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Recent national and international compliance legislation aimed to fight money laundering and terrorist financing activity – such as Europe’s 3rd EU Directive and Canada’s Bill C-25 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act – require financial services firms and other organizations around the world to implement watch list and PEP screening procedures as part of their risk-based approach to combating financial crime. Acquiring and implementing the screening software needed to comply with these regulations, then training personnel in its use, can be a complex process taking many months, especially for an organization for which such operations are not part of their core business. FinScan Hosted enables even the largest, multi-national organizations to have a comprehensive, industry-leading list screening solution that meets all their screening needs – from batch processing of tens of millions of records to the individual look-up of a single customer – in place and operational in a matter of days. |
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About FinScan
As the compliance business division of Innovative Systems, Inc., (ISI), FinScan protects organisations against non-compliance with the world-class data quality and data matching capabilities that are the cornerstone of all ISI products and services.
FinScan helps financial services organisations 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, hosted, or transactional screening options; and automated due diligence reports to help ensure the most effective and accurate compliance for our clients. The FinScan Web site is located at www.finscan.com.
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About Innovative Systems, Inc. (ISI)
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 data quality, data management, and compliance solutions include the i/Lytics® Enterprise Data Quality Suite; i/Lytics GLOBAL™ a CASS-certified address verification solution; Synchronos™, a master data management solution for enterprise customer data, and FinScan for compliance list, sanctions and PEP screening. |
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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 applications in more than 30 countries. Innovative Systems is headquartered in Pittsburgh, Pennsylvania, site of the 2009 G20 summit, with European offices in London, and representative offices in Brazil, Mexico, Netherlands, South Africa, and the Middle East. 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 PostLocate, Synchronos and FinScan 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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