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News

Name recognition added to anti-money laundering software

Viveo Cognitive Systems : 16 March, 2009  (New Product)
Vrisk anti-money laundering solution from Viveo Cognitive Systems now incorporates IBM software for name recognition for improved fraud detection
Viveo Cognitive Systems (VCS), a Straight Through Processing and Anti-Money Laundering (AML) solutions provider will be enhancing their VRisk suite with an advanced name recognition solution from IBM.

Due to increased demand for enhanced linguistic screening capabilities, VCS and IBM have integrated VCS's best of breed free text screening, monitoring and detection with IBM's InfoSphere Global Name Recognition technology. This combined solution is a direct result of a 20-year strategic OEM relationship between VCS and IBM, and will allow VCS to better serve the increasingly complex compliance AML needs of the financial industry. Expanding on the traditional OEM model, IBM is offering Independent Software Vendors (ISVs) such as VCS support beyond that of a typical OEM agreement by providing sales force alignment, technical integration, support in reducing development cost and quicker time to value for joint customers.

VRisk provides automated, comprehensive, screening and monitoring of payment transaction and other banking messages, accounts, customers, correspondents and third parties. The solution screens-in either real-time or offline, depending on business requirements. VRisk provides the customer with a full audit trail that fulfils all compliance investigation requirements. By using the VRisk suite, organisations are able to comply with all Federal and international regulatory mandates.

IBM's Global Name Recognition technology is the industry leader in multi-cultural name recognition. This advanced software solution is based on 25 years of computational linguistic research, and a proprietary name repository of nearly one billion names and 18 cultural families. Unlike key-based technologies that match on alphanumeric keys, IBM's name-recognition solutions takes into account alternative spellings, cultural nuances and other linguistic issues to more effectively manage global data sets or as part of an attempt to return the most relevant information for a search query, rather than a laundry list of close matches. This unique approach reduces false positive results so that the information returned is reliable and relevant, and ready to meet complex AML requirements.

VCS will be offering all of their clients the possibility of expanding their existing VRisk suite with the IBM Global Name Recognition technology in order to also take alternative spellings, cultural nuances, and other linguistic issues into account. This will more effectively manage global data sets. The capability will be used to complement the current free text and name screening while maintaining its superior performance. This is in a response to the increasingly multi-cultural environment in which VCS's solutions operate where accuracy, data volume and processing speed are paramount. The expansion will further improve VRisk's analytical capabilities by minimising the potential threat of wrongful or inadequate detection, a crucial step in reducing risk for financial institutions.

"Our customers will benefit greatly from the combination of VCS's and IBM's leading technology and services," said Maurice Kern, CEO of VCS. "VCS already holds a leadership position in Straight Through Processing and AML solutions. The agreement with IBM will provide us the ability to further strengthen this position by perfecting the detection capabilities of our AML solution. As a result of this relationship, VRisk will set new compliance performance standards and shape the future of all AML solutions."

VCS's COO, Amanda Gilmour, commented; "For almost two decades, IBM has been a crucial business partner to us. They have helped us deliver innovative and market-leading solutions. We are enhancing our VRisk compliance suite in a manner which will give our customers significant granularity in managing their operational and reputational risk."

"Today's business environment demands financial institutions to have a more detailed understanding of the data generated from their customer relationships in order to stay competitive and meet compliance requirements," said Rob Thomas, vice president, Information Management. "IBM InfoSphere Global Name Recognition software plays a powerful role in detecting fraud through its world-class name recognition, analysis and matching capabilities. Now integrated with InfoSphere GNR, Viveo will deliver even greater value for our joint customers."

Due to the exceptional configurability of the VRisk solution, the enhancement will be effective immediately.
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