French bank Natexis Banques Populaires has signed a EUR1 million contract with Dublin-based Norkom Technologies for the supply and implementation of an anti-money laundering system (AML).
The agreement will see Norkom's software implemented in several phases across the bank's operations throughout France.
Using sophisticated behavioural analysis, customer profiling and case management technology, Norkom says its software will increase the bank's ability to detect suspicious activity and streamline existing compliance and financial crime management systems and procedures.
The system will be used to monitor transactions, identify unusual and suspicious activity and automatically issue alerts to a team of investigators to complete a comprehensive investigation process.
Paul Kerley, CEO of Norkom Technologies, said: "We are confident we can meet Natexis Banques Populaires' objectives and deliver a tangible return on investment. In other client deployments, our products are proven to decrease financial crime incidents by up to 70% and to speed up investigations by 98%."
Kerley says the Norkom product is built on a scaleable platform that can operate as a stand alone application or as part of an integrated system. This means that the technology can be scaled to meet the bank's future requirements.