Austrian banking group Raiffeisen Zentralbank Österreich (RZB) is implementing anti-money laundering and compliance software from Dublin-based Norkom Technologies to detect and monitor fraudulent activity across the enterprise.
Starting June this year, RZB will roll out Norkom's fraud detection software across its 17 banking operations.
The anti-money laundering and watch list management software will be used to monitor banking transactions and customer customer interactions to detect suspicious and criminal behaviour.
Norkom says the system will will automatically alert RZB to any suspicious activity and enable the bank to streamline watch list management processes through the automation of manual administrative tasks.
Paul Kerley, Norkom's CEO, says the RZB deal is evidence of "the market's growing appetite for an enterprise-wide approach to financial crime and compliance".
Norkom says the contract win consolidates its position in the European market where it is already involved in multi-country deployments with Erste, Fortis, KBC and Rabobank.