Edentify and BANKDetect Partner
BETHLEHEM, Pa. & CHURCHTON, Md. - Edentify (OTC BB: EDFY), a provider of identity management solutions, partnered with BANKDetect, a privately held knowledge-based technology company that focuses solely on loss prevention and compliance for financial industries. The partnership combines Edentify's IDScreen technology with BANKDetect's RiskTracker--ID/CIP (Identity Verification and CIP Compliance) and RiskTracker--AML (Anti-Money Laundering) technologies to create a new identity risk assessment and monitoring solution. The joint solution will assist financial institutions in verifying applicant identities and detecting a range of suspicious activities related to money laundering, fraud, and terrorism financing in one integrated process.
The joint solution has two integrated steps. First Edentify's IDScreen will verify applicants' identities as part of RiskTracker--ID/CIP's integrated screening process, which also reviews banking history, searches lists of government-denied parties, and performs an anti-money laundering risk assessment. The result is that financial institutions will be able to enter personal information at each branch, validate the identity of an applicant, and gauge the level composite risk associated with the identity. Once the applicant is approved and opens an account, identity risk information is shared with BANKDetect's RiskTracker--AML, which monitors all transaction activity, and flags high-risk behavior related to fraud, money laundering, terrorism financing, and other financial crime. This product also helps banks comply with OFAC, AML/CFT, and BSA governance regulations.
Edentify's IDScreen solution, part of Edentify's IDBenchmark 2.0, is an identity pattern recognition system that flags suspects identities when new accounts are opened (checking, credit, savings, loans, etc.). The financial institution has the chance to deny high-risk individuals before doing business with them.
BANKDetect's RiskTracker technology provides financial institutions a customer verification and account analysis software. The RiskTracker--ID/CIP provides integrated screening of new customers for identity, banking history, money laundering, and terrorism-related risks. The RiskTracker--AML system monitors account activity, including cash and wire activity, loan payments, checks, ATMs, debit card, and ACH transactions. RiskTracker--AML identifies potential money laundering and terrorism activity using over 60 RiskIndicators, which have the ability to identify billions of combinations of risk patterns for any transaction. When the software flags a suspicious account or transaction, financial institutions can view details of the activity, and take preventative action.