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IBM And Searchspace Demonstrate Automated Risk Management Solutions
Companies Showcase Successful Anti Money Laundering And
Fraud Risk Management Programs
SIBOS, GENEVA (ots) - IBM and Searchspace® today demonstrated
automated Risk Management solutions for the financial services
industry. The companies exhibited Anti Money Laundering (AML) and
Fraud Risk Management solutions based on Searchspace's highly
adaptive intelligent software running on the IBM enterprise platform.
IBM and Searchspace formed a strategic alliance in December 2001
to help financial services organizations automate key business
processes, such as Risk Management through AML and Fraud Detection.
They have a number of joint customers including Wells Fargo and
"Risk management is a top priority for nearly every financial
institution. IBM and Searchspace have teamed to provide highly
effective automated solutions that can manage risk, combat money
laundering and reduce fraud," said Tom Shaw, Director of Financial
Markets, IBM. "We are proving the value of these solutions through
our recent new wins, as we help our customers meet business goals and
protect their organizations."
IBM and Searchspace offer the industry's only packaged enterprise
AML solution. This is based on the Searchspace AML Sentinel V3.0,
a mature and proven AML application that works with the Searchspace
Intelligent Enterprise Framework (IEF). IEF is an enterprise
platform that captures every transaction within an organization,
pulling disparate data sources together for a comprehensive
institution-wide view. The Searchspace software has been
pre-integrated onto the IBM enterprise platform and optimized to run
with key IBM business applications, such as Websphere and DB2 UDB.
IBM also provides integration services for the solutions. In addition
to optimized performance, this prepackaged offering greatly reduces
implementation costs and time. Lloyds TSB, for example, was able to
deploy an enterprise-wide AML solution in just six months.
IBM and Searchspace provide a number of specific Fraud Detection
and Management solutions. These include protection against check
fraud, debit card fraud, credit card fraud, electronic payment fraud,
ATM deposit fraud and identity theft. The Fraud Management solutions
run on the Searchspace IEF and IBM enterprise platforms for
comprehensive detection throughout the organization.
"The Searchspace strategic alliance with IBM has resulted in a
highly optimized approach to automated risk management, leading to
great benefits for our customers," said Jason Kingdon, CEO of
Searchspace. "We've shown great success with our Anti Money
Laundering initiative and now see growing momentum around our fraud
risk management offering."
Earlier this month, IBM recognized Searchspace and the success of
the strategic alliance with a Recognition Award for Outstanding
Performance in Financial Services.
Searchspace is a leading provider of enterprise decision
automation software that enables organizations to monitor customer
data in real-time to create true business insight. Searchspace
products automate core business processes, such as Anti Money
Laundering, Fraud Detection, Compliance Reporting and Opportunity
Management. Searchspace systems currently manage hundreds of millions
of transactions daily, empowering companies to track, analyse, and
act upon each and every customer experience in real-time. With
mature, proven technology, Searchspace provides solutions to some of
the world's leading financial institutions, including Archipelago,
The Bank of New York, Bank of Scotland, Barclays, Lloyd's of London,
Lloyds TSB, London Stock Exchange, The Royal Bank of Scotland, UBS,
UBS PaineWebber and Wells Fargo. For more information visit
IBM is the world's largest information technology (IT) company and
provider of IT services, as well as a preeminent technology partner
to the world's financial services industry. Working directly with its
financial services customers, IBM helps them become more competitive
through the innovative deployment of high-impact solutions. These
solutions comprise the full range of IBM capabilities including
consulting, software, hardware, research and services. Additional
information can be found at www.ibm.com/solutions/financialservices.
Additional information on IBM eServer systems can be found at:
ots Originaltext: Searchspace