Fortent today announced the introduction of Fortent Connect, a solution designed to help mid-sized financial institutions fight crime and manage regulatory compliance.
Fortent Connect is easy to use and implement, and delivers high performance at a competitive price.
"We developed Fortent Connect in response to a market need for an all-in-one financial crimes solution that can deliver great results within today's tight budgets," says Sandy Jaffee, Fortent's Chairman and CEO.
"Fortent Connect is based on our company's uniquely deep experience helping financial institutions combat financial crime and meet regulatory obligations in markets all over the world," adds Ms. Jaffee. The solution is expressly designed for organizations with limited compliance and in-house technology resources, adds Ms. Jaffee.
This new offering combines essential capabilities - sanctions screening, anti-money laundering (AML) and fraud monitoring, customer risk rating, alert management and regulatory reporting - into one system. Fortent Connect can be implemented in as fast as 90 days and eliminates the complexity of using multiple suppliers and products to perform this broad range of tasks.
Fortent Chief Technology Officer Kay LaBare says, "Leveraging Fortent's market-leading technology, we've taken a modular approach so clients can focus on their most critical needs first and build on their investment over time." Capabilities that can be added include real-time fraud detection and OFAC blocking, notes Ms. LaBare.
Fortent has implemented transaction monitoring, Know Your Customer, and case management solutions globally in a wide range of financial institutions over the past decade -- from the largest firms such as JPMorgan Chase, Barclays and The Bank of Tokyo-Mitsubishi UFJ to smaller institutions such as the Justice Federal Credit Union in the U.S. and ABSA and Nedbank in South Africa.
Fortent Connect consolidates essential risk and compliance functions:
- Transaction monitoring - a portfolio of AML and fraud rules enables banks to select and create rules based on their individual business profiles
- KYC - a wide range of KYC detection tools includes risk rating and watch list and PEP screening, with the option to add real-time OFAC blocking
- Workflow and reporting - comprehensive alert management tools and management information helps analysts investigate alerts more quickly, and makes creating and submitting reports to management, auditors, and regulators much easier.
In addition to integrating these functions, Fortent Connect can significantly lower an organization's costs because it uses rules that produce extremely low "false positive" rates and are considered the most effective in the industry. Further, Fortent Connect enables a financial institution to link customer and transaction data across its whole enterprise, so analysts can see activity across multiple processes and business lines.
Fortent has one of the most active user groups in the financial crimes management community. The transaction-based rules available in Fortent Connect reflect the extensive knowledge and learnings of this user community and have been proven to be the best in the industry at detecting suspicious behaviors.