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NAHB: Housing jobs key to state and local economic recovery

National Mortgage Professional
Oct 09, 2008

FIS brings Red Flag compliance to banks and credit unions through new serviceMortgagePress.comRed Flag compliance, Fidelity National Information Services, fraud mitigation, Fair and Accurate Credit Transactions Act, FIS QualiFile Fidelity National Information Services Inc. (FIS), a Fortune 500 company and a leading provider of core processing, card issuer and transaction processing services to financial institutions, has announced the availability of its integrated fraud mitigation and compliance solution-FIS Red Flag service-to help financial institutions comply with the red flag provisions of the Fair and Accurate Credit Transactions (FACT) Act. With nearly 9,000 financial institutions relying on FIS for account-opening decisions, the FIS Red Flag service-designed to help institutions manage, track and demonstrate red flag compliance by leveraging existing account decisioning solutions-is integrated with many leading banking software platforms for ease of access. "Financial institutions have to take rapid action to meet the stringent regulatory demands of this rule and its looming November 1, 2008 compliance deadline," said Kay Nichols executive vice president, FIS. "Our approach is to help financial institutions evaluate the ID theft prevention programs they have in place and supplement those with additional components needed for a complete solution with the least cost and hassle." The FIS Red Flag service is an add-on component of the FIS full account decisioning suite, including FIS QualiFile, the leading analytics-based risk assessment and decisioning tool for new account opening; FIS ID Verification, the integrated know-your-customer compliance tool; FIS Address Analysis, an innovative new service leveraging unique data sources and analytics to detect change of address fraud; and FIS FraudFinder®, the premier new accounts fraud-prevention service. This service provides financial institutions with new monitoring and tracking capabilities to check for red flags identified by these and other services, track their disposition, and s formation on individual transactions and institution policy as required by the rules. More information on the FIS Red Flag service is available at www.fisonevoice.com/RedFlag, including Web seminars on compliance as it pertains to this new rule. Within just weeks of releasing the FIS Red Flag service, more than 200 clients have implemented this integrated, affordable solution, with most incurring no integration costs as a result of the tight coupling of the service within the existing account-decisioning processes. These institutions benefit from the ability to use existing processes and services to fulfill most red flag compliance requirements while identifying points of noncompliance and supplementing with additional integrated components where needed. For more information, visit www.fidelityinfoservices.com.
Published
Oct 09, 2008
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