Us government student loan consolidation

PITTSBURGH, March 29 /PRNewswire/ -- Innovative Systems today announced that American Education Services (AES), the nation's third largest student loan servicer and ninth largest student loan holder, is successfully using Innovative's i/Lytics SECURE software to screen its loan applicants against the U.S. Treasury's Office of Foreign Assets Control (OFAC) sanctions list. Additionally, AES is also screening loan applicants to the more than 200 lending institutions within its services network. Innovative Systems, a global provider of customer data integration and regulatory compliance solutions, has been providing business and technology solutions to the financial services industry since 1968.

AES implemented Innovative Systems' compliance software to ensure that no grants or loans would be extended to individuals on the OFAC sanctions list. In a competitive review, i/Lytics SECURE was selected as the solution that best met the organization's selection criteria, which included its breadth of capabilities, ease-of-use and lowest total cost of ownership. Today, i/Lytics SECURE is successfully operating throughout the AES processing environment, which includes 15 independent databases -- some on mainframe and others on open systems platforms.

"i/Lytics SECURE is working great," said Diane Freundel, Assistant Vice President of Compliance and Contract Review. "We have been very pleased with the results, as have our lenders. In addition to the product's ability to confidently minimize false-positives and their associated time and costs, we're also taking advantage of the product's ability to generate our own internal safe-lists and risk-lists, which helps us to make better business decisions as well as meet our compliance obligations."

The heuristic matching technology of i/Lytics SECURE enables AES to apply very specific and intelligent matching criteria to its screening processes. This precise approach to identifying matches significantly minimizes the time, cost and risk associated with reviewing and investigating the unnecessary over-matches, commonly referred to as false-positives, that less sophisticated compliance systems typically generate.

"We are pleased to report the success of the AES compliance initiative," said Jeff Canter, Innovative's executive vice president of operations. "It's a great example of why our approach to compliance is so compelling, particularly for financial services organizations that have complex data environments with heavy transaction loads. Our 37 years' experience in delivering data quality, data integration and regulatory compliance solutions to this industry is distilled into our products and services, and allows us to successfully implement -- and more importantly, our clients to successfully execute -- our solutions in the most time- and cost-effective manner."

Prior to implementing the compliance software, Innovative's delivery professionals worked with the AES project team to improve the data quality within its applications systems in order to optimize the OFAC screening process. In all, the total implementation and data clean-up effort for the AES compliance project took less than three weeks.

Innovative's compliance solutions employ the company's powerful data cleansing, data matching, database management and suspect screening capabilities to provide unmatched accuracy and efficiency. They include screening capabilities for a host of compliance lists, including OFAC SDN, FBI Most Wanted, Bank of England, FinCEN, state and federal Do-Not-Call, and others. The solutions also offer a Customer Identification Program (CIP) capability, to meet the requirements of the U.S.A. PATRIOT Act and Bank Secrecy Act, aimed at identifying and preventing money laundering, fraud and identity theft. The company offers a range of delivery models for its compliance solutions, including web-based, hosted services or software licenses. Pairings of the solutions are also available to meet customized business and processing requirements.

About Innovative Systems, Inc.

Innovative Systems, Inc. is a world leader in delivering enterprise customer information solutions to organizations whose success depends on a complete and accurate understanding of their customers. The company assists clients with the migration, consolidation and storage of customer-centric data to create a unified view of any customer across the enterprise. Innovative's data integration solutions include i/Lytics(R), a comprehensive data quality, address verification and customer data management solution; i/Lytics Data Profiler(TM) for data profiling and analysis; i/Lytics SECURE(TM) and eWatchLine(TM) for fraud and regulatory compliance; and Synchronos(TM), a centralized master registry of customer data that ensures accurate and synchronized enterprise customer data management for improved cross- departmental business and compliance decision-making.

Since 1968, enterprise-class companies worldwide have relied on Innovative's data quality software, systems integration, database solutions and customer data quality audits. Innovative has set the standard for data quality management in thousands of applications in more than 30 countries. Innovative maintains headquarters in Pittsburgh, Pennsylvania, with European operations based in London. Representative offices are located in Argentina, Australia, Brazil, Mexico, South Africa and Spain. The Innovative Web site is located at http://www.innovativesystems.com/ .

Trademark Notice

i/Lytics, i/Lytics Data Profiler, i/Lytics SECURE, eWatchLine and Synchronos are trademarks of Innovative Systems, Inc. All other products or company names are used for identification purposes only, and may be trademarks of their respective owners.

CONTACT: Kathleen Hondru of Innovative Systems, Inc., +1-412-937-8217, or khondru@innovativesystems.com

Web site: http://www.innovativesystems.com/