Initial Clients Cite Cost-Effectiveness and Ease of UseEL SEGUNDO, Calif., Jan. 28, 2003 – Computer Sciences Corporation (NYSE: CSC) today announced that the company is offering two new services, PATRIOT Protector and Compliance Assessment, to help financial services firms comply with U.S. counterterrorism regulations.
All U.S. financial services organizations must now check customer and vendor names against the Office of Foreign Assets Control (OFAC) list of Specially Designated Nationals and Blocked Persons. Financial institutions, broker/dealers and life and annuity insurers must also comply with the USA PATRIOT Act anti-money laundering (AML) and suspicious activity reporting (SAR) provisions.
CSC’s PATRIOT Protector is a managed, application-hosted Web service that matches identities against the OFAC list. PATRIOT Protector has robust identity verification using Search Software America’s (SSA’s) search and matching engine, an audit trail for proof of compliance and features to streamline match resolution. It is designed to expand to meet future counterterrorism requirements and provides a base for advanced fraud detection.
CSC also conducts Compliance Assessments specific to life and annuity insurers and property and casualty insurers. A Compliance Assessment gives each insurer an external, knowledgeable view of its risk factors and preparedness for counterterrorism compliance. The assessment for life and annuity insurers includes review of AML and SAR requirements as well as OFAC.
“Our counterterrorism solutions leverage CSC’s extensive experience with the U.S. government and with financial services firms worldwide to bring American businesses into compliance with specific U.S. regulations,” said Jim Cook, president of CSC’s Financial Services Group. “We can also bring our specialized knowledge and advanced solutions to bear in helping those outside the United States establish sophisticated counterterrorism measures.”
PATRIOT Protector is hosted by CSC’s eHub, a state-of-the-art managed services facility, featuring the highest levels of security and maintenance support available.
Initial PATRIOT Protector clients include Georgia Farm Bureau Mutual Insurance Company and Nissan Motor Acceptance Corporation.
“After a broad proof of concept evaluation, CSC satisfied us that the PATRIOT Protector service was the easiest and most cost-effective method to comply with Presidential Executive Order 13224’s OFAC requirements,” said Randell Lack, Georgia Farm Bureau’s director of information services.
Nissan Motor Acceptance Corporation’s use of the PATRIOT Protector service validated the ease with which the solution can be implemented. “We signed an agreement to use PATRIOT Protector on Friday and had results from a full batch sweep in the following week,” said Jeff Edwards, vice president and general manager of Nissan Motor Acceptance Corporation’s Customer Center.
About Georgia Farm Bureau Mutual Insurance CompanyGeorgia Farm Bureau Mutual Insurance Company offers property and casualty insurance for rural and urban members and is the largest domestic insurance company in Georgia with 650 million in assets and almost 400 million in annual written premium. The company employs almost 700 insurance and claims representatives throughout Georgia to serve their member needs.
About Nissan Motor Acceptance CorporationNissan Motor Acceptance Corporation (NMAC), including its Infiniti Financial Services (IFS) division, is the automotive financial services arm of Nissan North America. Established in 1982, NMAC's primary emphasis is to purchase from its Nissan and Infiniti dealers retail and lease contracts for their customers. NMAC also provides wholesale inventory and capital and mortgage loan financing to Nissan and Infiniti dealers. The company offers financing for the complete line of Nissan and Infiniti vehicles sold in the United States.
About CSC Founded in 1959, Computer Sciences Corporation is one of the world’s leading information technology (IT) services companies. CSC’s mission is to provide customers in industry and government with solutions crafted to meet their specific challenges and enable them to profit from the advanced use of technology.
With more than 65,000 employees, CSC provides innovative solutions for customers around the world by applying leading technologies and CSC’s own advanced capabilities. These include systems design and integration; IT and business process outsourcing; applications software development; Web and application hosting; and management consulting. Headquartered in El Segundo, Calif., CSC reported revenue of $11.4 billion for the 12 months ended Sept. 27, 2002. For more information, visit the company’s Web site at
www.csc.com.