Release Features Expanded Fraud Coverage and Reduced Cost of Ownership; Raises Bar for Compliance and Risk Management Systems
NEW YORK--(BUSINESS WIRE)--April 26, 2006--Mantas Inc., a provider of advanced solutions for regulatory compliance, loss prevention and revenue generation used by the world's leading financial institutions, today announced the release of Mantas 4.3, its flagship product that makes it easier for financial institutions to increase the performance of their compliance and risk management systems while lowering overall costs. Designed to improve operational transparency, Mantas 4.3 features expanded fraud coverage, support for insurance anti-money laundering, world class watchlist management, state of the art workflow and seamless integration of alerts to and from 3rd party systems.
The costs savings available in Mantas 4.3 make it even easier for financial institutions of all sizes around the world to benefit from Mantas' award-winning applications for regulatory compliance, loss prevention and revenue generation. Compliance and loss prevention continue to be ranked as the leading concerns of top executives at financial institutions worldwide. Additionally, industry analysts have indicated that the move towards an enterprise-wide 'platform' for multiple compliance and risk disciplines provides the greatest amount of protection to an institution(1).
"With today's announcement, Mantas becomes an even more powerful and cost-effective choice for the compliance and risk management needs of any financial institution," said Stephen Epstein, vice president, product management, Mantas. "Whether a firm is addressing MiFID in the EU, the US Patriot Act, the emerging AML regulations in Australia and South America, fraud detection and identity theft prevention, or all of them, Mantas 4.3 provides a high performance and cost-effective platform."
Maximum Performance Delivered
The utilization of higher performance and lower-cost hardware gives Mantas 4.3 a two- to three-times performance gain over prior configurations. Mantas 4.3 is the first compliance platform available to utilize the performance benefits of 64-bit computing. This translates into reduced total cost of ownership (TCO) through a reduction in hardware requirements, and increased user productivity. Mantas supports the latest 64-bit chips including AMD Opteron, Sun UltraSparcIV+ and Intel EM64T as well as dual-core chip technology.
Expanded Fraud Protection
Mantas 4.3 provides an expanded set of scenarios specifically developed to target fraud, particularly account takeover and other sophisticated frauds. Account takeover is one of the most challenging fraud situations to detect. Mantas' Change in Behavior scenario was specifically designed to identify this complicated behavior, and is one of the few solutions capable of detecting and reporting this complex and difficult-to-find fraud.
Mantas 4.3 also allows organizations to identify other sophisticated fraudulent activities such as internal employee fraud, identify theft, and other hard-to-detect fraud activities which cost companies billions of dollars per year.
Utilizing Mantas 4.3 for fraud detection can also yield improved customer satisfaction for financial institutions. By differentiating real fraudulent activities from the "false positives" in customer accounts, organizations create happier customers by stopping fraud while not interfering with normal customer activities.
Expanded Enterprise Class Functionality
Mantas 4.3 also features several enhancements beyond performance and fraud improvements:
-- Novell SUSE Linux ES 9 Support - Reduces software acquisition and support costs as SUSE Linux is already widely adopted in the financial services industry.
-- Insurance Data - More easily analyzes transactions involving insurance information for increased AML and fraud detection coverage.
-- Alert Exchange -- Improve user productivity by ensuring that all alerts are presented to the user as quickly and concisely as possible. This is done by exporting Mantas alerts to external systems and importing alerts into Mantas from external systems.
-- Streamlined Work Processes -- The continued enhancements in the "Four Eyes" approval process allow customers to improve their AML workflow and increase productivity while ensuring a secure approval process.
-- Watchlist Management Utility -- Allows companies to reduce the time required to manage watchlists as well as reducing the errors that occur in manually managing information on the watchlists.
(1) e.g. TowerGroup, November 2004; Tabb Group, January 2006.