ITI Unit of Fiserv and GlobalVision Team To Provide Integrated Regulatory Risk Management; Premier Patriot Officer a Cost Effective Banking Compliance Solution
ITI Unit of Fiserv and GlobalVision Team To Provide Integrated Regulatory Risk Management; Premier Patriot Officer a Cost Effective Banking Compliance Solution
May 23, 2005
ITI Unit of Fiserv and GlobalVision Team To Provide Integrated Regulatory Risk Management; Premier Patriot Officer a Cost Effective Banking Compliance SolutionLINCOLN, Neb.--May 23, 2005--An agreement announced today between Information Technology, Inc. (ITI), a subsidiary of Fiserv, Inc. (Nasdaq:FISV), and GlobalVision Systems, Inc., will provide bankers with an advanced solution to help them comply with federal requirements outlined in the USA PATRIOT Act and Bank Secrecy Act (BSA).
Through this alliance between ITI, a top provider of financial technology software and services, and GlobalVision Systems, a supplier of knowledge-based business management systems, financial institutions using ITI's Premier® banking software now have the opportunity to deploy a comprehensive regulatory risk management system called Premier Patriot Officer.
"In this era of tightened security measures and laws to combat fraudulent activities and terrorism, our clients are under increased pressure to meet federal requirements," said ITI Senior Vice President Jamie Deterding. "Premier Patriot Officer provides financial institutions with a powerful tool to help eliminate compliance risks, while at the same time saving them time and money."
Premier Patriot Officer uses knowledge-based artificial intelligence to establish a comprehensive set of algorithms to detect suspicious activities. It keeps five years of detection, exemption and investigation records, reasons for not filing specific reports and all the reports that have been filed with the Financial Crimes Enforcement Network (FinCEN). Furthermore, it produces various reports for regulators' examinations, risk management and auditing purposes.
In addition to automating the detection, investigation, monitoring and filing of Suspicious Activity Reports, Premier Patriot Officer also helps identify high-risk customers through multidimensional risk scoring. "All wire transfers are confirmed and SWIFT transactions are evaluated against the list published by the U.S. government," said Deterding.
"We value our alliance with ITI and look forward to continuously strengthening our national security with superior technology," said Oliver Song, president and CEO of GlobalVision Systems. "By seamlessly integrating our PATRIOT Officer risk management solution into ITI's core system, Premier Patriot Officer empowers thousands of financial institutions to meet increasingly stringent regulatory requirements with greater peace of mind."
GlobalVision Systems, Inc. (GlobalVision) is well-known for offering knowledge-based products that empower executives and managers of financial institutions to manage risk exposure, monitor business activities, maximize business profits, optimize return on investment, analyze business problems, establish strategies, improve product performance and perform corporate planning. Based in Los Angeles, GlobalVision has become the leader in providing solutions to financial institutions nationwide for compliance with the USA PATRIOT Act, Bank Secrecy Act, Office of Foreign Assets Control (OFAC), anti-money laundering and anti-terrorist financing. GlobalVision can also be found on the Internet at www.gv-systems.com.
Information Technology, Inc. (ITI), a subsidiary of Fiserv, Inc., provides America's bankers an extensive array of technology solutions and support services for core accounting, relationship management, teller and platform automation, Internet banking, account aggregation, e-commerce solutions for business and consumers, executive intelligence, imaging and document management. A comprehensive suite of planning, installation, support, training, analysis and consulting services supports all technology solutions. Founded in 1976 and headquartered in Lincoln, Neb., Information Technology has grown to include its subsidiaries Precision Computer Systems (PCS) and eSolutions, as well as partnerships with some of the best-known technology companies in the world. ITI can also be found on the Internet at www.itiwnet.com.
Fiserv, Inc. (Nasdaq: FISV) is a provider of information management systems and services to the financial and health benefits industries, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 16,000 clients worldwide, including banks, credit unions, financial planners/investment advisers, insurance companies and agents, self-insured employers, lenders and savings institutions. Headquartered in Brookfield, Wis., Fiserv reported $3.4 billion in processing and services revenues for 2004. Fiserv was ranked the largest provider of information technology services to the U.S. financial services industry in the 2004 FinTech 100 survey by the American Banker newspaper and the Financial Insights research firm. Fiserv can be found on the Internet at www.fiserv.com.
Through this alliance between ITI, a top provider of financial technology software and services, and GlobalVision Systems, a supplier of knowledge-based business management systems, financial institutions using ITI's Premier® banking software now have the opportunity to deploy a comprehensive regulatory risk management system called Premier Patriot Officer.
"In this era of tightened security measures and laws to combat fraudulent activities and terrorism, our clients are under increased pressure to meet federal requirements," said ITI Senior Vice President Jamie Deterding. "Premier Patriot Officer provides financial institutions with a powerful tool to help eliminate compliance risks, while at the same time saving them time and money."
Premier Patriot Officer uses knowledge-based artificial intelligence to establish a comprehensive set of algorithms to detect suspicious activities. It keeps five years of detection, exemption and investigation records, reasons for not filing specific reports and all the reports that have been filed with the Financial Crimes Enforcement Network (FinCEN). Furthermore, it produces various reports for regulators' examinations, risk management and auditing purposes.
In addition to automating the detection, investigation, monitoring and filing of Suspicious Activity Reports, Premier Patriot Officer also helps identify high-risk customers through multidimensional risk scoring. "All wire transfers are confirmed and SWIFT transactions are evaluated against the list published by the U.S. government," said Deterding.
"We value our alliance with ITI and look forward to continuously strengthening our national security with superior technology," said Oliver Song, president and CEO of GlobalVision Systems. "By seamlessly integrating our PATRIOT Officer risk management solution into ITI's core system, Premier Patriot Officer empowers thousands of financial institutions to meet increasingly stringent regulatory requirements with greater peace of mind."
GlobalVision Systems, Inc. (GlobalVision) is well-known for offering knowledge-based products that empower executives and managers of financial institutions to manage risk exposure, monitor business activities, maximize business profits, optimize return on investment, analyze business problems, establish strategies, improve product performance and perform corporate planning. Based in Los Angeles, GlobalVision has become the leader in providing solutions to financial institutions nationwide for compliance with the USA PATRIOT Act, Bank Secrecy Act, Office of Foreign Assets Control (OFAC), anti-money laundering and anti-terrorist financing. GlobalVision can also be found on the Internet at www.gv-systems.com.
Information Technology, Inc. (ITI), a subsidiary of Fiserv, Inc., provides America's bankers an extensive array of technology solutions and support services for core accounting, relationship management, teller and platform automation, Internet banking, account aggregation, e-commerce solutions for business and consumers, executive intelligence, imaging and document management. A comprehensive suite of planning, installation, support, training, analysis and consulting services supports all technology solutions. Founded in 1976 and headquartered in Lincoln, Neb., Information Technology has grown to include its subsidiaries Precision Computer Systems (PCS) and eSolutions, as well as partnerships with some of the best-known technology companies in the world. ITI can also be found on the Internet at www.itiwnet.com.
Fiserv, Inc. (Nasdaq: FISV) is a provider of information management systems and services to the financial and health benefits industries, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 16,000 clients worldwide, including banks, credit unions, financial planners/investment advisers, insurance companies and agents, self-insured employers, lenders and savings institutions. Headquartered in Brookfield, Wis., Fiserv reported $3.4 billion in processing and services revenues for 2004. Fiserv was ranked the largest provider of information technology services to the U.S. financial services industry in the 2004 FinTech 100 survey by the American Banker newspaper and the Financial Insights research firm. Fiserv can be found on the Internet at www.fiserv.com.