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Prospero Wins the Name Checking Benchmark - In a broad international benchmark test to evaluate the best namechecking solution, Prospero has achieved significantly the best results, this means the best detection rates and at he same time the lowest number of false alerts
Prospero Wins the Name Checking Benchmark

 

NewswireToday - /newswire/ - Stuttgart, Germany, 2006/11/09 - In a broad international benchmark test to evaluate the best namechecking solution, Prospero has achieved significantly the best results, this means the best detection rates and at he same time the lowest number of false alerts.

   
 
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A large Swiss insurance company has made a broad benchmark test to evaluate the best namechecking solution. Prospero has achieved significantly the best results, this means the best detection rates and at he same time the lowest number of false alerts. The detection rate was 99%, the false alerts only 0.3%. “In our benchmark test Prospero AG reached significantly the best results. In addition the quality of services and expertise form Prospero were more than impressive”, says a company speaker.

These results have even been improved in the productive operation of the solution. There have been checked more than 6 mio. names in the batch run, each against some 480’000 risk persons from the worldcheck file and an internal black list. The analysis efforts and costs for the compliance are minimized and the security is maximized. Beside the quality of the results the live runs have shown the high performance of the Prospero solution with large data volumes. The number of executed checks in the full run was some 29.000.000.000.000! “The benchmark results are a convincing demonstration of the advantages from artificial intelligence based systems” says Dr. Peter Abel, CEO from the consulting company ATech-Consulting.

Prospero supports you for example in the implementation of the 3rd Anti-Money Laundering Act, which has to be realized until end of 2007 in the EU-countries.

How it works:

• You specify a name or customer database to check be checked against the specified set of sanction lists;
• the checking is performed and the identified matches are reported;
• you document the results of the investigations; they are stored audit safe;
A clear and easy to understand similarity score is assigned to each detected matching. It shows the similarity degree between the checked name and the detected name(s) in the sanction lists. High performance string matching algorithms ensure the high quality search results. Relevant matches are also compared with the name de-rivatives, aliases, incorrectly spelled or other-wise distorted names, without flooding the user with irrelevant hits.

Organizational solution
Apart from the analytical performance (quality of the checks) the organizational part of the application is crucial for the practical use and benefit. p.SECCO Namechecking includes a complete administrative solution for importing, administration and updating of the lists. All the analysis activities and paths are traced. The lists are synchronized on the base of the versions data. p.SECCO records each process for the purposes of control, administration and audit trails.

List services
The p.SECCO Namechecking software is completed with the list services. According to the regulations of the supervising authorities and other official institutions in the different countries the relevant sanction lists are issued and up-dated and periodically sent to the customer. The list updates within the application are run via the simple import function. Beside the official sanction lists, a PEP categorized database of the politically exposed persons (PEP) from more than 200 countries is supplied. All the lists are fully audit controlled.

Your main benefits:

• high match and hit quality;
• simple, easy-to-use application;
• reliable solution with complete audit trails;
• adjustable in terms of functionality and content;
• complete solution.

About the Swiss insurance company
The insurance company is a global active insurance-based financial services provider. The company was founded more than 120 years ago and has its headquarters in Switzerland. The core of the business is General Insurance and Life Insurance. The global network of subsidiaries and offices are located in North America, Europe, Asia Pacific, Latin America and other markets. More than 50,000 employees serve customers in more than 120 countries.

About Prospero
Prospero (prospero.ch) was founded in 1999. The core business are solutions for the data exploration. The base module is the RadarX®, a unique solution that finds the relevant knowledge in complex information (data, text, images) in an automated process. Customers from different business segments benefit from Prospero’s business solutions, i.e the financial services industry (solutions for anti money laundering, fraud detection, customer baesd modeling, credit rating etc.) or the life science (solutions for diagnostic classification, drug research, lab automation).

Some clients: AO Foundation, Creditreform, CZSG, Helvetia Patria, Liechtensteinische Landesbank, VBS, Winterthur and Zurich Financial Services.

 
 
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Prospero Wins the Name Checking Benchmark

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ATech-Consulting | Prospero
Publisher Contact: Peter Abel - ATech-Consulting.de 
+43 676 4937830 namechecking[.]atech-consulting.de
 
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