New product speeds OFAC data to subscribers

New product speeds OFAC data to subscribers

A Boston data integration company has introduced software that matches the Treasury Department's list of terrorist suspects against the customer's own records.

Treasury's Office of Foreign Assets Control publishes lists of suspected terrorist organizations, narcotics traffickers and sanctioned nations for use by government agencies, banks, airlines and other entities [see story at www.gcn.com/vol1_no1/daily-updates/17205-1.html]. The office posts its lists on the Web as text-delimited files and also makes them available by fax-on-demand.

So far this year, OFAC has updated its watch lists 29 times, including eight revisions since Sept. 11. For example, last Friday OFAC announced that all groups that had been labeled as Foreign Terrorist Organizations will now be tagged as Specially Designated Global Terrorists.

Vality Technology Inc.'s new application, Veri-Quest, uses the company's probabilistic matching technology to match OFAC data with data in other applications, said Steve Brown, the company's vice president of product strategy.

Through Veri-Quest, Vality will reformat the OFAC data file every time it is updated and e-mail it to Veri-Quest customers, Brown said. The product functions as an add-on to existing enterprise applications.

In its transactional mode, the product can take data queries and look for matching records in the OFAC file, Brown said. Users can also operate Veri-Quest in batch mode to flag all suspicious personal and organizational names in a single database.

The application runs on most platforms, such as Microsoft Windows, Unix, IBM AS/400 and IBM OS/390, Brown said.

Veri-Quest costs $91,200 for installation, customization and update services, Brown said.

Contact Vality at 617-338-0300.

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