Better Banking Compliance that Doesn't Cost a Fortune

PRESS RELEASE FOR IMMEDIATE RELEASE
22ND September 2005

BETTER BANKING COMPLIANCE THAT DOESN’T COST A FORTUNE

Banks and other financial institutions can tighten up their compliance with regulatory requirements, whilst reducing back office overheads.

That’s the message from Datawatch, the specialists behind revolutionary new software for investigating possible incidences of identity theft, money laundering, credit card fraud and insider trading.

Datawatch design solutions which can be added on to existing IT systems to help organisations comply with an increasingly tight regulatory framework and reduce the risk of being fined for non-compliance by the Financial Services Authority (FSA).

The software automates many of the investigations which are currently carried out manually, helping to improve standards while also reducing staff time and cutting overheads.

As well as triggering the business process for checking any questionable transactions, Datawatch solutions bring together information from every system within an organisation into an easily accessible web format to support the process.

Martin Weir, financial sector specialist at Datawatch, said: "Typically a bank produces thousands of reports on possible non-compliances every night. Many of them use our existing software solutions to store, manage and deliver this information.

"Now we can offer even more by supplying an end-to-end solution which pulls in information from different sources and helps bank staff to carry out investigations more quickly and efficiently."

Datawatch solutions are designed to retrieve data from all of the different systems, including mainframes, within the company – even e-mails and instant messaging conversations. A list of suspect transactions is then generated automatically, removing the need for staff to work through lengthy print-outs in their search for non-compliances.

Martin said: "It makes much better use of staff time if the initial trail is done automatically. Employees can then apply their knowledge to investigate further, or pass the information on to the police."
Datawatch build solutions around each customer’s existing software, integrating fully with other systems. Implementation is quick and easy, with the finished solution normally delivered in less than 20 days.

About Datawatch Corporation:
Datawatch Corporation helps organisations easily access, integrate, store, distribute and analyse information inside and outside the enterprise. From shared services and productivity portals to help desk and business problem management, Datawatch Corporation provides solutions that allow organisations to fully leverage their existing infrastructures to solve their business needs. Datawatch products are used in more than 20,000 companies, institutions and government agencies worldwide.

Datawatch financial sector solutions are distributed in the UK by Datawatch International, Cardinal Point, Park Road, Rickmansworth, Hertfordshire, WD3 1RE.

Further information on the Datawatch range of solutions can be found at www.datawatch.com
Contacts:

Press information:
Alison Hall, Public Relations
Email: alison.hall@alisonhall-pr.co.uk
Tel: 07899 986932

Natalie Dowse
Email: Natalie.dowse@alisonhall-pr.co.uk
Tel: 07870 279233

Sales:
Lindsey Glennie
Email: lindsey_glennie@datawatch.com
01923 437669