Pitney Bowes Inc. has introduced a product designed to help financial service providers achieve more accuracy when verifying customer identities.
According to the Stamford-headquartered company, the Pitney Bowes Spectrum Screener will analyze customer data and resolve and match identities against cleansed sanctions lists, prohibitions, politically exposed persons lists and proprietary watch lists within organizations. Spectrum Screener combines technologies including natural language processing, advanced analytics and machine learning to increase the level of overall match confidence. Pitney Bowes stated that this product could reduce the amount of false-positive detections by nearly 60 percent and deliver up to $10 million annually in savings for large-scale financial institutions.
“With Spectrum Screener, our initial implementations have proven to reduce millions of dollars in operations expenses, reduce burnout and turnover, reduce training expenses, and ultimately improve productivity and compliance,” said Bob Guidotti, executive vice president and president of Pitney Bowes Software. “We’re removing some compliance complexity for our clients and offering the peace of mind that then allows them to focus on investigations that pose a real threat.”