NominoData Signs Deal with Banker's Tool Box; Unveils 'Negative News'- a Risk Management Tool

By CIOReview | Wednesday, September 30, 2015

INCLINE VILLAGE, NV: Financial crime and fraud is an unfortunate fact of life that all banks have to get a grip with. Not only does it lead to financial losses, it also damages the bank’s reputation and cause customers to lose trust in the services. The newly formed partnership between NominoData and Banker’s Tool Box, addresses the issue and promises a more effective way to combat financial crimes/risk/compliance.

The deal takes care of the Banker's Tool Box to drive compliance efficiency for its customers, by integrating NominoData’s search engine allowing financial institutions to research recent and historical negative news.

The integration named as the "Negative News," is a patented product evolved from Compliance and Risk management solutions provider, NominoData that helps in providing risk-relevant data to assist financial institutions in compliance operations. The importance of the solution was initially acknowledged by Banker’s Toolbox, which was followed by the two companies entering into a beneficial partnership. The service can be used in conjuction with BAM+, Banker’s Toolbox’s BSA/AML and fraud prevention software.

"We are excited to partner with Banker's Tool Box. For many years they have been a leader in the transaction monitoring and case management marketplace to fight fraud and financial crime. This partnership will provide their customers with an enhanced tool to comply with compliance and risk requirements" says Robert Goldfinger, President, NominoData.

In addition to Negative News, NominoData processes a suite of products and services for Financial Instituitions and also offers a Sanctions/Watch-list solution named OFAC PLUS, a domestic /international PEPS solution, Marihuana Legitimate Business File and a HIFCA/HIDTA data file.

“Nominodata recognized the high quality of products and services that Banker's ToolBox provides for their customers. NominoData's negative news further expands their solutions by integrating the high quality data available in NominoData's Negative News cache" says Al Macdonald, CEO, NominoData.