Factor3 Builds New Technology Into Name-Checking System

NU Online News Service, Aug. 19, 2003, 11:35 a.m. EDT – Factor3 Technologies Inc., Colorado Springs, Colo., has built a new customer name-checking system for financial services companies that is based on name-recognition software from Language Analysis Systems Inc., Herndon, Va.

Financial services companies can use the system to comply with the federal USA Patriot Act, which prohibits financial services companies from doing business with individuals included on the government's list of suspected terrorists, money launderers and drug traffickers.

The new Factor3 system uses linguistics to recognize possible variations on names from various cultures, rather than relying on old-fashioned techniques that simply try to determine whether names entered by customers seem to sound like names in the government's database, Factor3 says.