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Press Release - Fortent Named a Leading "Innovator" by Bank Technology News
April 16, 2008 - New York
Information product helps banks manage a "sea change in regulatory oversight"
Fortent, a risk and compliance information and technology specialist, has been named one of the top innovators of 2008 by Bank Technology News, the leading magazine for senior financial technology executives. Earning exclusive recognition in the Compliance category, Fortent was the sole anti-money laundering specialist on the publication's "FutureNow" innovation list, which recognizes "10 companies that set themselves apart for the security innovations they brought to market."
With special mention of the "sea change in regulatory oversight," Bank Technology News said of the FutureNow winners: "For many players, the hard work completed in the areas of risk management and compliance will position them well for what new rules and regulation come their clients' way."
Fortent was recognized for its product Fortent Inform™, a regulatory information management tool designed to help financial institutions cut through the large volume of anti-money laundering (AML) and other compliance "legs and regs" produced by 154 different governmental and policy-making entities.
Fortent Inform™ was launched in 2007 as the first product of its kind in the marketplace, allowing organizations to reduce costs associated with keeping track of these regulations – costs that can account for 25-35% of overall compliance budgets.
"This recognition is a tribute to the legacy of innovation and workflow automation that Fortent has brought to the field of regulatory compliance," says Sandy Jaffee, CEO of Fortent. "It speaks to our commitment to meeting clients' needs for efficiency and effectiveness in all their compliance processes – from AML and fraud transaction monitoring to Know Your Customer detection to case management.
As regulations get more complicated, says Ms. Jaffee, "financial institutions are searching for ways to manage the information overload, reduce expenses, and ensure that the right people in their organizations know exactly what they need to be doing for the regulators. Bankers need technology solutions that take costs out of the compliance process – but also ensure that all requirements are being met."
Designed specifically to meet the regulatory and budgetary needs of banks, Fortent Inform™ gathers, filters, distributes, and tracks regulatory news and information throughout a financial services organization. Fortent Inform significantly streamlines the compliance process while increasing the security of the organization overall by reducing regulatory risk.
See the FutureNow List (580KB).
About Fortent
Fortent provides risk and compliance solutions to financial institutions, government agencies, and individuals in more than 100 countries. It has relationships with more than 400 institutional clients, including 26 of the world's 30 largest financial firms, which use Fortent technology in over 50,000 locations worldwide.
Fortent combines award-winning technology innovation and expertise in regulatory risk to help financial institutions improve productivity and protect hundreds of millions of accounts from money laundering, terrorist financing, and other financial crimes. Endorsed by the American Bankers Association as the industry gold standard, Fortent's advanced systems deliver the most efficient and effective anti-money laundering, know your customer, and fraud detection available on the market today. Technology clients include The Bank of New York Mellon, Bank of Tokyo Mitsubishi-UFJ, Barclays, JPMorgan Chase, Justice Federal Credit Union (U.S. Department of Justice), Lloyds TSB, The Royal Bank of Scotland, Scotiabank, and UBS.
Through its information and training businesses, Fortent delivers the world's leading sources of regulatory news, analysis, and guidance. Moneylaundering.com (and, in Spanish, lavadodinero.com) is the top-ranked site for money laundering news across the globe, while Fortent Inform serves as a groundbreaking regulatory information management tool for institutions in the U.S. In addition to producing the world's largest money laundering conference and exhibition, Fortent offers the industry's leading professional certification program, career planning tools, web seminars, and conferences in the U.S., Europe, Latin America, and the Middle East.
Fortent's global team operates from key offices in New York, Miami, Atlanta, London, and Tokyo.
For more information about Fortent, please contact Davia Temin or Suzanne Oaks of Temin and Company at 212-588-8788 or news@teminandco.com.