Fortent Introduces Integrated Financial Crimes And Compliance Soln

Fortent has announced the introduction of Fortent Connect, a solution designed to help mid-sized financial institutions fight crime and manage regulatory compliance.

“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,” said Sandy Jaffee, Fortent’s chairman and CEO.

“Fortent Connect is based on our company’s experience helping financial institutions combat financial crime and meet regulatory obligations in markets all over the world,” added Jaffee. The solution is expressly designed for organisations with limited compliance and in-house technology resources, she further said.

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.

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Fortent chief technology officer Kay LaBare said, “Leveraging Fortent’s 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, noted LaBare.

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 lower an organisation’s costs because it uses rules that produce extremely low ‘false positive’ rates. 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.