Three International Banks Select Searchspace Solutions

To automatically identify potential money laundering, three international banks have enhanced their compliance monitoring systems with Searchspace's artificial intelligence software. The combined value of these new contracts is approximately $20 million.

Searchspace announced that three major European banks have licensed the Searchspace Intelligent Enterprise Framework (IEF) and Sentinels to provide systematic monitoring for regulatory compliance, specifically helping the institutions identify potential money laundering.

"Our software uses advanced artificial intelligence to enable enterprises to automatically monitor extremely complex transaction environments, tackling as many as 30 million transactions each day in just one of these organizations," said Konrad Feldman, Chief Executive Officer of Searchspace Corp, "These significant new client wins firmly establish Searchspace as the leader in the provision of enterprise anti-money laundering solutions for the world's top tier financial services organizations."

IEF and Sentinels together act as virtual customer guardians, protecting information, value and services from fraudulent attacks and illicit behavior. Unlike conventional software, the system adapts and learns to recognize patterns much in the way humans do -- and can therefore evolve as the enterprise's environment itself changes over time.

About Searchspace

Searchspace, a leading provider of intelligent enterprise systems, provides software solutions that use advanced Artificial Intelligence technology to automate key operational business processes.

Searchspace's Intelligent Enterprise Framework (IEF) works in conjunction with Sentinels, which are dedicated business service modules. Sentinels are assigned specific business tasks and act like intelligent, electronic 24x7 employees. Sentinels not only monitor transactions, they report on behavior, take action, learn from the responses of the enterprise and can adapt as the business changes.

In addition to providing a single view of the business, IEF can automate core operational processes including risk management, compliance and opportunity management. As a result, enterprises can dramatically increase levels of customer support, operate more efficiently, and allocate resources where they are most needed.

Searchspace is headquartered in London, with offices in New York and Frankfurt. Additional clients include Archipelago, the Bank of New York, Lloyd's of London and the London Stock Exchange. Additional information on Searchspace may be found by visiting www.searchspace.com.

Contact Becky Jalowiec of Searchspace, 212-389-1897.