Innovative Systems, Inc., a provider of customer data integration solutions, announced the addition of Customer Identification Program (CIP) processing to its i/Lytics SECURE compliance solution. Expanding the product’s scope to include customer identity verification, in accordance with Section 326 of the USA PATRIOT Act, i/Lytics SECURE provides a comprehensive compliance solution for financial services organizations aiming to meet the regulation’s October 1, 2003 deadline.
In response to threats of terrorism and money laundering, many U.S. and international governmental bodies have passed legislation mandating customer screening, identity verification and anti-money laundering procedures. Chief among these new laws is the USA PATRIOT Act of 2001, which requires many U.S. organizations to screen customer records and transactions against complex government suspect lists. Section 326 of the USA PATRIOT Act further mandates that as of October 1, 2003, financial services organizations must also verify the identities of all new customers. i/Lytics SECURE is designed to overcome the operational difficulties in meeting these important compliance requirements, while at the same time ensuring the highest levels of accuracy, efficiency and confidence.
i/Lytics SECURE uses Innovative’s powerful data cleansing, data matching, database management and suspect screening capabilities to provide a comprehensive compliance solution that offers unmatched accuracy and efficiency. It is the only compliance solution that combines both heuristic and referential matching to screen customer data against complex government lists and verify new customer identities.
Innovative’s new CIP processing capability compares an organization’s customer records against a database of more than 20 billion U.S. consumer and business records. This proprietary database is updated daily and provides accurate and detailed historical and forward-looking customer contact information. Any combination of required customer data elements can be checked against this resource to obtain customer identification. Individual CIP queries are supported via web and client applications. Innovative also provides on-demand batch capabilities for high-volume requests, and supports XML APIs for direct legacy application.
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