Fortent, a provider of information and technology to the risk and compliance market, has introduced a hosted version of its advanced anti-money laundering (AML) system for financial institutions.
Delivered in partnership with IBM, Fortent Hosted AML offers a lower cost and faster implementation timetable with the same comprehensive approach and effective results that Fortent AML currently provides top financial institutions worldwide. Fortent Hosted AML is the first in a series of compliance applications, including KYC and fraud detection, that the company will offer on a hosted basis.
"Our hosted solution will allow financial organizations to focus their resources on their core competencies rather than on owning and managing software," observed Sandy Jaffee, CEO of Fortent. "At the same time, with Fortent Hosted AML, mid-sized and smaller institutions will have access to what is considered the gold standard in the industry -- a powerful, proven solution that also has been endorsed by the American Bankers Association."
Fortent Hosted AML is currently being implemented at the Justice Federal Credit Union (JFCU), which provides financial services to more than 42,000 employees of the U.S. Department of Justice, Homeland Security, and law enforcement associations nationwide.
"Building on Justice Federal Credit Union's long tradition of serving the justice and law enforcement communities, we seek to constantly expand and diversify our offerings for clients," said Susan Baugh, Risk Manager of JFCU. "In implementing this hosted AML solution, we will leverage the security and accuracy of the system across multiple product lines and see process improvements for our whole compliance operation."
Many mid-sized and smaller financial institutions are grappling with the sizeable investment of implementing regulator-friendly AML systems, driving organizations to seek lower-cost options with the same monitoring capabilities. Designed to meet the needs of these firms and maximize the value of their AML investment, Fortent Hosted AML was developed to capture the same rigorous pattern-recognition abilities of its existing AML system but in a delivery mechanism that was more affordable. Like Fortent AML, Fortent Hosted AML can support an institution's full range of business operations.
"Fortent's hosted AML system delivers immediate ROI," observed Ray Parodi, Group Executive of Product Management at Fortent. "With no capital expenditure, reduced IT overheads, faster deployment time, and automatic system upgrades, our customers are getting the best of both worlds. On top of these benefits, customers have the security of knowing that their data is managed and protected by IBM's world-class hosting center and that their AML system has IBM's full service and support."
John Wolff, Executive Director of the Corporation for American Banking, an affiliate of the American Bankers Association, remarked: "By introducing a hosted version of their AML solution, Fortent is creating a compelling option for banks to use in their critical work of monitoring and reporting suspicious activities. We are pleased to have this expanded resource through Fortent included in our portfolio of endorsed solutions."