Released on: 9, November 2006
, Author: ATech Application & Technology Consulting GmbH
, Audience: Software related
Zurich/Vienna/Stuttgart:: A large Swiss insurance company hasmade a broad benchmark test to evaluate the best namechecking solution. Prospero hasachieved significantly the best results, this means the best detection rates and athe same time the lowest number of false alerts. The detection rate was 99%, thefalse alerts only 0.3%.  In our benchmark test Prospero AG reached significantly thebest results. In addition the quality of services and expertise form Prospero weremore than impressive , says a company speaker. These results have even been improved in the productiveoperation of the solution. There have been checked more than 6 mio. names in thebatch run, each against some 480Â'000 risk persons from the worldcheck file and aninternal black list. The analysis efforts and costs for the compliance are minimizedand the security is maximized. Beside the quality of the results the live runs haveshown the high performance of the Prospero solution with large data volumes. Thenumber of executed checks in the full run was some 29.000.000.000.000!  Thebenchmark results are a convincing demonstration of the advantages from artificialintelligence based systems says Dr. Peter Abel, CEO from the consulting companyATech-Consulting. Prospero supports you for example in the implementation of the 3rd Anti-MoneyLaundering Act, which has to be realized until end of 2007 in the EU-countries
How it works: Â You specify a name or customer database to check be checked against the specifiedset of sanction lists; Â the checking is performed and the identified matches are reported; Â you document the results of the investigations; they are stored audit safe. A clear and easy to understand similarity score is assigned to each detectedmatching. It shows the similarity degree between the checked name and the detectedname(s) in the sanction lists. High performance string matching algorithms ensurethe high quality search results. Relevant matches are also compared with the namede-rivatives, aliases, incorrectly spelled or other-wise distorted names, withoutflooding the user with irrelevant hits.
Organizational solution Apart from the analytical performance (quality of the checks) the organizationalpart of the application is crucial for the practical use and benefit. p.SECCONamechecking includes a complete administrative solution for importing,administration and updating of the lists. All the analysis activities and paths aretraced. The lists are synchronized on the base of the versions data. p.SECCO recordseach process for the purposes of control, administration and audit trails.
List services The p.SECCO Namechecking software is completed with the list services. According tothe regulations of the supervising authorities and other official institutions inthe different countries the relevant sanction lists are issued and up-dated andperiodically sent to the customer. The list updates within the application are runvia the simple import function. Beside the official sanction lists, a PEPcategorized database of the politically exposed persons (PEP) from more than 200countries is supplied. All the lists are fully audit controlled.
Your main benefits  high match and hit quality  simple, easy-to-use application  reliable solution with complete audit trails  adjustable in terms of functionality and content  complete solution
About the Swiss insurance company: The insurance company is a global active insurance-based financial servicesprovider. The company was founded more than 120 years ago and has its headquartersin Switzerland. The core of the business is General Insurance and Life Insurance.The global network of subsidiaries and offices are located in North America, Europe,Asia Pacific, Latin America and other markets. More than 50,000 employees servecustomers in more than 120 countries.
About Prospero; Prospero was founded in 1999. The core business are solutions for the dataexploration. The base module is the RadarXÂ , a unique solution that finds therelevant knowledge in complex information (data, text, images) in an automatedprocess. Customers from different business segments benefit from ProsperoÂ's businesssolutions, i.e the financial services industry (solutions for anti money laundering,fraud detection, customer baesd modeling, credit rating etc.) or the life science(solutions for diagnostic classification, drug research, lab automation). Some clients: AO Foundation, Creditreform, CZSG, Helvetia Patria, LiechtensteinischeLandesbank, VBS, Winterthur and Zurich Financial Services.
Source: Express-Press-Release.com
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