ClearStar, the technology and service provider to the background check industry, is pleased to announce that it has secured two new customers with the contracts having an expected combined value of over $1 million annually commencing in 2019. The contracts, which are rolling contracts, are for the provision of Financial Institution Screening, representing the entry into a new market for ClearStar, and Medical Information Services (“MIS”) respectively.
The Company’s contract for Financial Institution Screening has been awarded by a global professional services company that provides solutions to improve the operations of its Fortune 500 clients. ClearStar will provide screening for personnel placed with the customer’s financial institution clients to ensure compliance with the US Federal Deposit Insurance Act (FDI Act), which governs the Federal Deposit Insurance Corporation and the banks insured by that organisation, and the US Patriot Act.
This represents the entry into a new market for ClearStar. It is the Company’s first contract for financial institution screening for compliance with the FDI Act, which demands more comprehensive and exhaustive screening compared with the requirements of the US Fair Credit Reporting Act that regulates the Company’s existing consumer reporting agency clients.
Under the new MIS contract, the Company’s ClearMD product will be used by a large consumer reporting agency, which is a new customer for ClearStar, to provide its clients with mobile-managed drug screening. ClearStar was selected as it is the only provider that offers paperless medical screening with a fully-customisable user platform across the three largest drug testing laboratories in the US, comprising over 9,500 medical test locations.
Robert Vale, CEO of ClearStar, commented:
“These contracts reflect the continued expansion of our activities beyond background screening for recruitment purposes to verification and ongoing monitoring for ensuring human capital integrity. We are excited to enter the financial institution screening market, and I’m proud that in the pilot test we achieved a 50% increase in delivery time compared with the incumbent provider and with greater accuracy. Similarly, we were selected by another consumer reporting agency for ClearMD thanks to our unique ability to provide a customisable paperless medical screening solution with such a large choice of testing locations. With our solutions adding demonstrable value to our customers, we remain confident of continuing to expand in new and existing markets.”