Austria's Erste Bank has signed a EUR2 million contract with Norkom Technologies for the supply of the vendor's anti-money laundering technology to detect and monitor fraudulent activity across its central European operations.
Norkom says the package will be used by Erste Bank to monitor, detect, investigate and report on suspicious activities or unusual behaviour across all of its operating units and business lines.
The bank will initially install the technology at its Czech and Slovakian businesses, followed by staged deployment in Austria, Hungary, Croatia and the wider CEE.
Leopold Fetterle, Erste Bank, says: "The Norkom solution enables us to adopt a fully integrated approach to how we manage the prevention of financial crime in our business."