Fortent's KYC Software Hopes to Address Rising Budgetary Concerns
The latest customer due diligence technology released by Fortent is designed to help banks, brokerages, credit unions, and insurance companies cut costs. Stricter customer due diligence laws in the US and around the world have forced financial institutions to increase compliance efforts in this area – leading to escalating compliance expenses at a time when the sector can least afford it. According to recent industry surveys, 60% of institutions’ direct compliance spending is in staff compensation, and with financial institutions struggling against huge losses and liquidity issues, firms are seeking ways to put the brakes on these rising operating budgets. In addition to reducing look-up times, Fortent KYC 3.2 eliminates the need for analysts to manage multiple data feeds and enables smarter risk-rating so that the riskiest customers get the most attention. Fortent KYC can be implemented at an institution in a matter of weeks, and is available also as a hosted solution, which can be up and running in three days.