The two companies have completed a commercialization process that enabled integration of informant with Open Solutions’ core platform, known as DNA. The ISS informant product is a suite of flexible and customizable components. These components are specialized for real-time monitoring of security and risk management solutions for financial institutions and their clients.
Informant components monitor and report on areas of government regulation and compliance, database system intrusion, internal audit policies and transaction based fraud across all member accounts. ISS claimed that every component is customizable to the specific requirements of the financial institution and is kept current with developing trends in fraud and identity theft.
Eric Anderson, vice president of strategic alliances at Open Solutions, said: “It’s an excellent solution that offers around-the-clock protection against fraudulent transactions, and knowing it’s been through a rigorous commercialization process with DNA will provide our clients with even more peace of mind.”
Ray Seefeldt, president of ISS, said: “Both companies and our clients will benefit from the alliance, and that’s more important than ever. Gartner Group estimates that fraud losses represent roughly seven percent of a financial services institution’s gross revenue. This amount and the instances of financial fraud continue to rise more than 10% annually. Transaction analysis, in real-time, is a key component in reducing fraud.”
Texas-based ISS is a tactical services credit union service organization (CUSO) fully owned by Texans Credit Union. ISS provides risk management and fraud protection, operations and consulting services to financial services and related industries.
