18 June 2003 SAS Institute, the world’s biggest business intelligence software supplier, today outlined plans to strengthen its hand in the burgeoning market for anti-fraud and money laundering technologies.
SAS chief executive Jim Goodnight said the company will move to enhance products functions in the coming months related to the broad issue of compliance.
His announcement, delivered at the company’s annual European customer conference in Vienna, Austria, comes at a time when banks are facing ever growing requirements to meet fraud detection and money laundering regulations.
“Financial services institutions face tremendous pressures, including the need to comply with ever-changing regulations, achieve effective marketing and combat fraud,” said Goodnight. “We are the only software vendor that can meet an institution’s entire compliance needs.”
SAS’s focus on the needs for regulatory compliance has helped drive new growth for the company, said Goodnight. In the year to May 2003, sales are up by about 14%. The company reported an 18% increase in revenue in the first quarter of 2003, bucking the wider trend in the IT industry.
In addition to the new compliance functions, SAS, whose banking clients include Barclays and Royal Bank of Scotland, also plans to release broker-surveillance technology later in 2003.