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Fortents new software aims to cut costs
NEW YORK (7/28/08)--Fortent has released due diligence technology, Fortent KYC 3.2, which is aimed at helping credit unions cut costs by eliminating the need for analysts to manage multiple data feeds. With KYC 3.2, the riskiest members get the most attention, the company said. The technology can be implemented at an institution in a few weeks and is available as a hosted solution that can be up and running in three days, the company said. Staff compensation accounts for about 60% of financial institutions’ direct compliance spending, Fortent said. “Fortent set out to develop a KYC solution that would make a dramatic return-on-investment impact--with the goal of earning payback in less than one year,” said Sandy Jaffee, Fortent chairman/CEO.


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