Open Solutions Inc., a provider of integrated enabling technologies for financial services providers throughout the United States, Canada and other international markets, has signed a strategic partnership agreement with Richardson, Texas-based Innovative Support Solutions (ISS), by which ISS will supply its Informant fraud detection solution to Open Solutions core clients. The two companies have completed a commercialization process that enabled seamless integration of Informant with Open Solutions premier core platform, known as DNA.
The ISS Informant product is a comprehensive suite of flexible and highly 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. Every component is customizable to the specific requirements of the financial institution and is kept current with developing trends in fraud and identity theft.
Said Eric Anderson, Open Solutions vice president of Strategic Alliances, Were very pleased to have formed this strategic alliance with ISS and to be able to offer Informant as a DNA-integrated solution. Its an excellent solution that offers around-the-clock protection against fraudulent transactions, and knowing its been through a rigorous commercialization process with DNA will provide our clients with even more peace of mind.
Open Solutions has a reputation for innovative technology and were happy they recognized the innovation at work in Informant, says Ray Seefeldt, president of ISS. Both companies and our clients will benefit from the alliance, and thats more important than ever. Gartner Group estimates that fraud losses represent roughly seven percent of a financial services institutions gross revenue. This amount and the instances of financial fraud continue to rise more than 10 percent annually. Transaction analysis, in real-time, is a key component in reducing fraud.
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