PilotFish & Aquilan Group Offer First ACORD-Compliant Solution to USA PATRIOT Act
Bundling Aquilan’s Patriot Manager and PilotFish’s XMLife Communications Suite offers financial services companies end-to-end integrated compliance solution
(BUSINESS WIRE) October 7, 2003 – Aquilan has signed a complementary marketing agreement with PilotFish Technology to bundle the PilotFish XMLife Communications Suite (XCS) with Aquilan’s Patriot Manager and to provide customers with pre-built interfaces to PilotFish Technology’s XCS Enterprise Integration Platform (XCS EIP). The combination will provide financial services companies with the first pre-integrated, ACORD standards-based solution to enable compliance with the USA PATRIOT Act.
Aquilan’s Patriot Manager software enables financial services companies to meet the full monitoring, screening, and reporting requirements of the USA PATRIOT Act and Office of Foreign Asset Control (OFAC).
The PilotFish XMLife Communications Suite (XCS) is a set of tools and components that enable the rapid development of new systems and the integration of existing systems using the ACORD data model.
The PilotFish Enterprise Integration Platform (XCS EIP) leverages XCS, the Internet, Web Services and ACORD standards, to enable the seamless integration of internal and external business partners necessary to comply with provisions of the USA PATRIOT Act.
Aquilan’s Patriot Manager provides:
Automated AML and OFAC Monitoring – Aquilan’s Patriot Manager, which integrates with a company’s administrative systems, provides a 360º view of customers and their relationships to help financial institutions “Know Your Customer” and detect suspicious activity. Aquilan’s Patriot Manager continually monitors customer lists and transactions for Specially Designated Nationals, banned jurisdictions, and prohibited activity.
Intelligent Screening – Aquilan’s Patriot Manager intelligently screens customer profiles, individual financial activity, financial and non-financial transactions, and suitability guidelines for red flags that may indicate money laundering and other reportable activities or activity patterns. When suspicious activity is identified, compliance officers are proactively notified through automated alerts.
Guided Reporting and Workflow – Aquilan’s Patriot Manager provides full compliance case management and escalation so analysts can investigate SDN matches and suspicious activity red flags and automatically file government-mandated reports, such as the Suspicious Activity Report (SAR) and the Currency Transaction Report (CTR).
The PilotFish XCS Enterprise Integration Platform:
Leverages XCS, the Internet, Web Services and ACORD standards, to enable the seamless integration of internal and external business partners. XCS EIP:
– Facilitates the management and propagation of information across the enterprise to support mission-critical applications, customer relationship management, and business intelligence.
– Dramatically reduces the number of interfaces required between internal and external business applications by implementing a many-to-one and one-to-many (common model integration) method of rationalizing interfaces
– Enables companies to implement the ACORD standard immediately while still supporting the proprietary formats of internal and external applications and services.
– Positions companies to “switch on” the ACORD XML standard when its trading partners are ready.
“There is exceptional synergy between our respective product offerings”, explained Neil Schappert, president of PilotFish, Inc. “While Aquilan’s Patriot Manager offers the centralized management of information and reporting necessary for USA Patriot Act compliance, the XMLife Communications Suite provides the means to collect and distribute that information”.
“This agreement will allow our customers to deploy Aquilan’s Patriot Manager even faster and less expensively than is now possible. This is critical as insurance companies, banks, and those in capital markets need to consolidate required and necessary data from a host of legacy operational systems”, said Cliff Hagler, president of Aquilan. “Additionally, users will have the benefit of leveraging the many other applications and third-party providers that have already been integrated with PilotFish’s XCS EIP”. Under the agreement, the XCS toolset will be used to enable the deployment of Aquilan’s Patriot Manager as an ACORD compliant application already integrated with the XCS EIP.
Aquilan’s industry-leading software helps insurers fully comply with rapidly evolving federal regulations. Aquilan’s team of industry veterans includes insurance, business, and technology experts with decades of industry experience. Through established partnerships, the company has direct access to regulatory and legal experts that provide Aquilan and its customers with immediate notice of relevant regulatory action.
Aquilan Group, Inc. 7550 IH-10 West, 14th Floor San Antonio, Texas 78229 210.541-7114 firstname.lastname@example.org or email@example.com
PilotFish, Inc. 100 Roscommon Drive Ste 220 Middletown, CT 06457 860-632-9900 www.PilotFishTechnology.com