Fortis Bank has implemented Dublin-based Norkom Technologies' risk management and compliance software, Alchemist, to detect and monitor fraudulent activity at its operations in the Netherlands and Belgium.
The bank says the software will also support operations in a number of countries, with the initial focus being on Belgium and the Netherlands.
The implementation project was handled by a team consisting of staff from from Fortis Bank, Norkom and Cap Gemini.
Alchemist uses data mining techniques and analytics to generate insights about customers, products, employees, channels and partners. It then automates the process of distributing the information to relevant staff across the organisation.
Dublin-based Norkom says the technology allows financial institutions to improve defences against money laundering, card fraud, operational risk and other types of financial crime.