Fortent introduces Fortent Connect, the application 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.
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 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 businessess 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.
“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, chairman and CEO, Fortent. “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. The solution is expressly designed for organizations with limited compliance and in-house technology resources.
“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,” says Kay LaBare, chief technology officer, Fortent. “Capabilities that can be added include real-time fraud detection and OFAC blocking.
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