Top KYC Solutions Providers - 2017
At this pivotal gap in the marketplace, International Screening Solutions addresses the predicament with its WorldWatch Plus solution that fortifies global screening and due diligence programs.
KENNESAW, Ga. (PRWEB) March 20, 2018
International Screening Solutions, a global risk data, and know your customer (KYC) screening firm, was named among the Top 10 KYC Solution Providers for 2017 by Banking CIO Outlook. The award recognized ISS’s WorldWatch Plus® global sanctions, PEP, and adverse media platform, for “transforming global due diligence searches to reduce operational costs.”
Specifically, Banking CIO Outlook honored WorldWatch Plus for developing meaningful solutions to address false positive screening results: “Dealing with time-consuming verification of so-called ‘false positives’ is an unfortunate challenge in an already challenged model. Legacy applications are not proficient in delivering real-time and ‘fresh’ data for instant verification. At this pivotal gap in the marketplace, International Screening Solutions addresses the predicament with its WorldWatch Plus solution that fortifies global screening and due diligence programs.”
A recent AML industry survey found that false positive results persist in 75% of screening alerts for nearly one-third of firms. Respondents reported spending an average of 13 minutes on cases, because legacy solutions commingle false positives with relevant data. Users of WorldWatch Plus report completing simple due diligence reviews in about three minutes, because WorldWatch Plus organizes screening results by name, additional identifiers, and relevancy to the original search.
Launched in 2015, WorldWatch Plus quickly rose to become the most widely used global screening solution in the employment screening marketplace. In 2017, ISS invested in technology and resources to meet the needs of the anti-money laundering (AML) and KYC markets for banking, gaming, insurance, and payments processing. ISS added PEP Desk™ data to complement its 1,300 lists for government officials, more than 1,700 sources of sanctions and watch lists, and millions of adverse media articles. The firm also added AML and KYC experts, and enhanced its names matching algorithm to specifically attack the false positive challenges of legacy solutions.
“We have led and innovated our chosen industry since 2007, and the success of WorldWatch Plus validates the need to continue that innovation in the decade ahead,” said Ken Kunsman, Chief Marketing Officer. “We carry this same approach into the AML / KYC industry, and we are honored to be recognized as a change agent and innovator by Banking CIO Outlook.”
ISS congratulates the other KYC Solution providers recognized: Arachnys, BAE Systems, Credence ID, FICO, Janrain, NTT Data, Opus, Secure Key, and Trulioo.
Founded in 2007, International Screening Solutions serves pre-employment and due diligence screening firms, financial institutions, financial services companies, and other companies requiring global sanctions, PEP, adverse media and ID verifications services. Its flagship product, WorldWatch Plus, is a proprietary screening tool that searches data from thousands of sources in fractions of a second for anti-money laundering (AML) and know your customer (KYC) programs. Use of WorldWatch Plus has grown rapidly each year, with clients conducting millions of global screens on individuals and business entities annually, and monitoring millions more.