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LexisNexis and American Bank Systems Align to Help Strengthen Identity Fraud Protection and USA PATRIOT Act Compliance
LexisNexis® and BankManager® Package Gives Banks
Instant Risk Indication on New Accounts
DAYTON, OH, June 15, 2004 - LexisNexis U.S., a leader in legal, news and business information services, has aligned with national compliance firm American Bank Systems (ABS) to better protect financial institutions from identity fraud and to offer them a tool that can be used in their USA PATRIOT Act compliance efforts. The alliance integrates the two companies’ leading products, LexisNexis® RiskWise® and ABS’ BankManager, into one program giving banks an instant risk rating on new accounts and immediate verification of customer identification.
"Based on LexisNexis data expertise, our BankManager customers are making confident decisions in opening new accounts with RiskWise rather than, as in the past, relying solely on credit reports," said James W. Bruce, Chairman of American Bank Systems. "One of BankManager’s unique aspects is its compliance capabilities with the USA PATRIOT Act and other state and federal regulations."
BankManager centralizes customer loan and account files from multiple branches into an electronic workstation. It combines imaging technology, loan document management and compliance tracking with a built-in, automated verification with the U.S. Treasury’s Office of Foreign Assets Control.
After a new accounts officer inputs a customer’s information in BankManager, RiskWise searches multiple databases to verify and validate an applicant’s identity. In seconds, RiskWise can indicate potential fraud risk and identity theft.
"We are proud to align with American Bank Systems," said Jim Peck, Senior Vice President and Chief Operating Officer of LexisNexis Risk Management. "We chose American Bank Systems based on the quality of BankManager and the increased value that LexisNexis and American Bank Systems deliver to financial services firms. With this alliance, we help banks verify identity, prevent identity theft before it begins and comply with federal legislation."
Customers are finding the LexisNexis and American Banking Systems integration to their benefit.
"RiskWise quickly gauges the situation when opening new accounts on BankManager," said George Drew, Executive Vice President and CFO of Kirkpatrick Bank, a locally owned bank with five branches in Colorado and Oklahoma. "It complements other steps to validate a customer’s identity and further protects the bank’s assets."
An independent bank in Oklahoma finds RiskWise and BankManager together provides an extra layer of protection against fraud. "Stockman’s Bank integrated access to RiskWise last year with BankManager. We serve rural communities where addresses are sometimes difficult to verify. Now we get fast accurate verification and a risk indicator for each new customer," said Rick Holder, CEO of Stockman’s Bank, a family/employee owned bank with four branches serving southwestern Oklahoma.
About American Bank Systems
American Bank Systems, based in Oklahoma City, provides compliance technology solutions and related services to over 1,200 financial institutions in 45 states. For 35 years, ABS has offered compliance solutions to financial institutions. Currently, its suite of technology solutions includes windows-based loan and deposit origination system, GulfPak; document management electronic workstation, BankManager® and its popular document tracking system BankManager Daudit that creates a seamless platform management system; and Compliance.Pro™, a new browser-based system offering comprehensive automated compliance and auditing workflow system which includes new risk management and testing modules that are very robust and provides significant benefits to clients. For more information, visit www.americanbanksystems.com.
About LexisNexis
LexisNexis Group (www.lexisnexis.com) is a global leader in comprehensive and authoritative legal, news and business information and tailored applications. A member of Reed Elsevier Group plc [NYSE: ENL; NYSE: RUK] (www.reedelsevier.com), the company does business in 100 countries with 13,000 employees worldwide.
In the U.S., LexisNexis, through its risk management flagship products RiskWise®, PeopleWise® and Banko™, helps to locate people and assets, authenticate identity, enable commerce, conduct background screening, and support national security initiatives. For more information, contact www.lexisnexis.com/riskmanagement.
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