MILWAUKEE, May 9, 2005 â Metavante Corporation is showcasing its complete suite of anti-money laundering (AML) solutions at its upcoming 2005 Client Conference. With approximately 1,200 attendees, the conference is being held May 10 to May 12, at the Midwest Airlines Center, in Milwaukee. Metavante is the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE:MI).
Metavante is highlighting a three-tiered AML solution strategy, enabling financial institutions to implement AML programs to comply with the Bank Secrecy Act, the USA PATRIOT Act and other related governmental regulations. This three-tiered strategy addresses the needs of banks in low, medium, and high risk levels as it relates to AML compliance, and includes a reporting solution through the Metavante Business Intelligence Center data warehouse; regulatory and compliance software from Prime Associates, a company Metavante acquired in February 2005; and offerings from Searchspace, a Metavante partner, for financial institutions in the highest risk category for AML compliance.
"We are keenly aware how increased regulatory scrutiny has ignited clientsâ demand for innovative and reliable AML technology. Regardless of the size of the bank, they are all required to have well documented and demonstrable methodologies in place for dealing with AML risk," said Paul Danola, president and chief operating officer, Metavante Financial Solutions Group. "Metavante is quickly responding to these needs by providing AML technology specific to clientsâ unique risk position. Combined with risk and compliance management consulting services, Metavante is well positioned to provide a complete AML solution, covering the people, processes, and enabling technologies surrounding AML compliance."
Within Metavanteâs proprietary suite of financial technology solutions, clients have access to Prime Associatesâ comprehensive compliance software, data and services. Prime Associates is a leading provider of AML software for financial institutions, and its solutions have been implemented by the worldâs largest banks and insurance companies. Prime Associateâs complete line of software products addresses key financial services industry functionality such as Suspicious Activity Reporting, Know Your Customer, Customer Identification Programs, and Enhanced Due Diligence. In addition, Primeâs solutions provide AML technology to address the major tasks involved in responding to regulations such as requests for the U.S. Financial Crimes Enforcement Network (FinCEN) reporting and court subpoenas.
For financial institutions in the highest risk positions, Metavante has a partnership agreement with Searchspace, a world-leading provider of AML solutions to the financial services industry. With this agreement, Metavante clients can use Searchspace AML technology to monitor substantially high volumes of accounts and transactions with advanced predictive analytics and adaptive profiling.
Metavante plans to offer Prime Associates and Searchspace AML technologies in licensed, in-house versions, or in Application Service Provider (ASP) hosted environments. In addition, Metavanteâs Integrated Banking Solution clients have the convenience of standard integration between the AML solutions and their core processing system. Continued Danola, "We believe with the combination of Metavanteâs reporting capabilities, our proprietary software solution and our partnership with Searchspace, we now have the most comprehensive AML offering available to help clients reduce the risk of regulatory action and the potential reputational damage associated with it."
Metavante Financial Solutions Group provides the technology that financial institutions need to deliver products and run their operations. Serving clients on an outsourced basis, or using in-house turnkey software, Metavante integrated systems provide financial account processing for deposit accounts, loans, financial accounting and customer information; branch and teller platform technologies; electronic banking; and trust services. The comprehensive suite of Metavante offerings also includes software for check imaging, risk and compliance, and treasury management as well as consulting and professional services.