LexisNexis South Africa, a provider of content-enabled workflow solutions, today announced the launch of LexisNexis Bridger Insight XG to help financial institutions and other local organisations reduce risk, comply with due diligence regulation and prevent fraud and money laundering.
Bridger Insight XG, an industry-leading identity verification, regulatory compliance and enhanced due diligence tool set, is a proven LexisNexis solution. It has an established track record in markets such as Europe and the United States where the majority of the top 25 banks plus thousands of other financial institutions and organizations in the insurance, automotive and retail sectors depend on Bridger Insight XG to mitigate risk and protect their brand.
“Organisations face risk by not knowing enough about their existing and prospective customers. The consequences can include tarnished corporate image and increased losses associated with fraud, which can erode trust and impact a company’s bottom line,” says Donovan Byrne, online manager for LexisNexis International. “Internationally, there have been instances of major banks being fined for non-compliance with the due diligence requirements of their country.”
Bridger Insight XG can help companies decrease operating costs associated with Financial Intelligence Centre Act (FICA) regulatory compliance, and minimise losses associated with fraud, reducing write-offs in commercial loans, and protecting brand value by mitigating reputational risk.
“Bridger Insight XG simplifies an organisation’s due diligence processes,” explains Byrne. “An analyst can quickly search for news, sanctions and online warnings about a business or individual, making enhanced due diligence on suppliers, clients and subsidiaries painless. This capability is invaluable for businesses researching new acquisitions or entering into relationships with new customers.”
“Bridger Insight XG is designed to help you improve productivity and reduce workload. A bank or insurance company with millions of customers can use the system to check high volume batches of records in a very short time, which makes the task much less onerous. And the algorithm includes routines to reduce false positives, which saves your analysts time,” Byrne concludes.
South African businesses can use Bridger Insight XG to check against the UN Taliban and PEP (Politically Exposed Persons) lists, as required by the Financial Intelligence Centre Act (FICA). Bridger Insight XG comes standard with about 30 global sanction lists, including OFAC, FBI, Interpol, and United Nations data.
For more than 10 years, Bridger Insight XG has been widely used for global comprehensive client screening. Currently, nearly 4,000 clients in the US and Europe rely on Bridger Insight XG to protect their organisations.