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News

Building Society Consolidates Compliance Screening Solutions

Datanomic : 29 June, 2010  (Application Story)
The Nationwide Building Society in Ireland has taken dn:Director from Datanomic for bringing all the company's Risk and Compliance Screening tasks into one package
Risk & Compliance Screening and Data Management specialists, Datanomic, has announced that the Irish Nationwide Building Society (INBS), one of Ireland's oldest financial institutions, has standardized its existing screening processes on Datanomic's award winning dn:Director for Sanctions & PEP (Politically Exposed Persons) Screening software. The enterprise-wide risk and compliance software solution will replace the Society's current in-house financial sanctions and PEP screening processes as part of a consolidation strategy.

"We take our responsibilities as a financial institution very seriously and have been screening for PEPs for several years, prior to any legal obligation or regulatory stipulation," said Killian McMahon, Head of Internal Audit, Irish Nationwide Building Society. "We knew of Datanomic and the technical strengths of the dn:Director technology, but challenged them to improve upon our in-house procedures, and consolidate our processes while providing good value. Datanomic delivered on that challenge and provided us with a fuzzy logic matching capability that is superior to anything we could produce in-house."

Datanomic's dn:Director for Sanctions & PEP Screening software will enable INBS to consolidate its in-house screening systems, which cover its operations in Ireland and the UK, and PEPs. The new system will be used to screen common customer data, such as names and addresses within the UK and Ireland.

"We were impressed by Datanomic's client base, which included financial institutions such as Barclays, who would only select a solution that represents a best practice standard," added Mr McMahon. "This, along with dn:Director's superior functionality, gave us confidence in both the technology and in the company as a whole. We know we have the back up necessary and the PEP list controls in place to ensure legislative and regulatory compliance. We now have an effective and consolidated platform that addresses all of our financial sanctions requirements."

Datanomic's Sanctions & PEP Screening software is currently being used by customers to screen in excess of five billion client records every month, in more than 100 countries. Increasing international demand has resulted in the company opening a subsidiary in the USA and extending its sales operations into the AsiaPacific region. Datanomic's solution has become the de facto standard for risk and compliance screening by the UK financial services sector, with several of the top ten global Retail Banks, half of the UK's Top 10 Wealth/Asset Managers, one of the oldest stock broking firms on the London Stock Exchange, and some of the UK's largest Insurance companies all using its award-winning technology.
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