Penley Launches Background Watch for Financial Services Industry

Solution helps financial institutions reduce fraud and increase operational efficiency

Penley, Inc., the nation's leader in account integrity, announced today the immediate launch and availability of its new solution, Background Watch. Background Watch is a web-based tool that offers financial institutions real-time critical historical information to help reduce fraud and increase operational efficiency by providing search capabilities during the identity verification process.

Background Watch helps financial institutions maximize productivity by reducing the time and costs required to research valid identifying information. By cross checking over 20 billion data records, Background Watch gives institutions the knowledge required to quickly and accurately close the loop on the identity verification process by using the multiple objective data sources that allow for expanded investigations. In addition, the solution provides additional functionality that will allow financial institutions to validate potential employees identifying information ensuring that institutions have the information required to make quality new hiring decisions. To help financial institutions meet their business requirements, Background Watch delivers instantaneous and easy-to read reports that offer basic, extended and complete levels of consumer contact and historical information. For future analysis and review, the tool will store all reports at a secure ISS certified, SAS 70 Type 11 datacenter.

In todays environment of increased risk of financial terrorism and identity fraud, it is essential for financial institutions to have increased knowledge about the customers doing business at their institution and the employees they hire, resulting in a need for a fast, secure and comprehensive search solution. Background Watch was designed to offer the financial services industry with a tool that delivers business intelligence, reduces fraud, and increases efficiencies. Penleys goal is to maintain our market leadership through providing our customers superior technology combined with excellent customer service," said Bruce Lowthers, CEO of Penley.

Company Information

About Penley, Inc.
Penley is the leader in account integrity and provides financial institutions with easy-to-use technology solutions for identity verification and automated enrollment of new accounts. For financial institutions that need a value-driven identity verification service, Penley's Fast Watch provides complete USA Patriot Act Section 326, 314(a) and OFAC compliance as well as protects against identity fraud. The company's advanced technology platform ensures the delivery of superior services as well as best-of-breed automation, security, and technology. For more information or to "take a test drive", please visit www.penleyinc.com.