SOURCE: Firstlogic

November 01, 2005 10:02 ET

Firstlogic Debuts IQ Watch™ for Accurate, Simplified Interdiction List Compliance

Advanced Data Quality Technology Ensures Watch List Compliance While Reducing False Matches

LA CROSSE, WI and ORLANDO, FL -- (MARKET WIRE) -- November 1, 2005 -- Today at the TDWI World Conference in Orlando, Fla., Firstlogic, Inc. unveiled IQ Watch, a unique data quality-based solution that gives businesses a pragmatic, technology-based approach to manage interdiction list compliance. Increased regulatory scrutiny has required more businesses to pursue reliable measures to compare internal databases and transactions against lists from U.S. federal agencies and global sources, as well as comply with the USA PATRIOT Act and the U.S. Bank Secrecy Act. IQ Watch incorporates Firstlogic's sophisticated data cleansing and data matching technologies to help provide a more accurate, automated solution for watch list compliance.

Previews of IQ Watch are available at Firstlogic's TDWI exhibit booth, #501. IQ Watch will be commercially available at the end of 2005.

"It's very important for any business to employ 'know your customer' initiatives, as well as 'know your partner' and 'know your staff' -- the cost of not knowing is just too high," said Richard DeLotto, principal research analyst with Gartner, Inc. "The influence of regulatory compliance is spreading. Compliance first affected publicly traded companies, but is now also having repercussions on privately held companies and nonprofit organizations."

An Intelligent Data Quality Approach to Compliance Regulations

Firstlogic's well-tuned data quality algorithms uniquely compare company data against interdiction lists, uncovering hidden relationships but helping ensure only solid suspected matches are presented. IQ Watch reduces "false positives," which lessens the resource drain companies experience when researching suspected matches. IQ Watch includes the extensive reporting and auditing capabilities needed to help prove due diligence.

The first release of IQ Watch supports 16 distinctive interdiction lists, including those from the U.S. Office of Foreign Asset Control (OFAC), U.S. FBI Most Wanted, U.S. Financial Crimes Enforcement Network (FinCEN), European Union Consolidated List, Interpol Most Wanted, U.S. Dept. of Commerce Bureau of Industry & Security Denied Persons, and Canadian Office of the Supervision of Financial Institutions (OSFI), among others. Verifying current business data against these lists helps ensure businesses are not unknowingly supporting identified criminal activity, such as money laundering or drug trafficking.

"Homegrown processes and manual tracking aren't effective or efficient solutions for the stringent requirements and the critical role of interdiction lists in today's business world," said Chris Colbert, Firstlogic market development director. "Increased fines, regulatory scrutiny, and the potential risk to organizational reputation require that reliable interdiction list checking be a part of daily business processes. IQ Watch helps deliver this assurance. Based on Firstlogic's solid reputation for managing, cleansing and finding proven relationships between disparate data sources, compliance officers, CIOs and company auditors can be positive that compliance processes are working in their organization."

About Firstlogic

Firstlogic is the recognized market leader for enterprise-wide information quality and print and mail solutions. In addition to developing commercial solutions, Firstlogic partners with many systems integrators, consultants, and original equipment manufacturers to provide its unique technology to their end-user customers. Founded in 1984, Firstlogic today serves thousands of customers worldwide, including Global 2000 companies across a broad spectrum of industries. For more information, including educational white papers, recorded webinars and a data quality weblog, visit www.firstlogic.com.

Firstlogic is a registered trademark and IQ Watch is a trademark of Firstlogic, Inc. Other names may be trademarks of their respective owners.

Contact Information

  • For Firstlogic, Inc.
    Penny Gralewski
    Firstlogic, Inc.
    (608) 782-5000 x1368
    Email Contact

    Scott Humphrey
    Humphrey Strategic Communications
    (503) 644-9709
    Email Contact