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.
