Microgen and Northland integrate AML technologies
10 July 2006 | 2348 views | 0
Microgen plc the IT services and solutions provider has today announced that it is partnering with Northland in the key area of anti-money laundering solutions.
Microgen and Northland are integrating Microgen Aptitude, a rules-based business process automation software product, with Northland's Compliance Alert Anti-Money Laundering solution accelerating a bank's ability to meet regulatory, compliance and reporting requirements.
"The compliance functions within banks are currently under pressure in regard to money laundering," comments Elizabeth Sipiere, MD, Microgen Banking. "We are delighted to be working together with Northland to deliver the components needed to help meet existing and emerging regulatory standards. Together we aim to create best practice for managing the risk of money laundering inherent in today's complex financial world," she concluded.
The joint offering utilises Microgen's extensive integration capability and performance to integrate Compliance Alert into a heterogeneous systems' environments. From the detection of potentially suspicious transactions, through to the inspection of any resulting exceptions and Finance Intelligence Unit (FIU) reporting, Compliance Alert supports investigative teams in their day-to-day operations minimising the integration risks inherent in compliance projects.
"The requirement for efficient Anti Money Laundering (AML), Fraud and Financial Crime Prevention (FCP) systems is growing unabated and delivers significant business benefits when deployed correctly. The foundation for success is accurate and reliable data and this constitutes as much as 75% of the implementation costs." Commented Gary Duxbury, Director, Northland Solutions. "Partnering with Microgen enables efficient surfacing of the underpinning customer and transactional data, supporting Northland's proven rapid delivery process for Compliance Alert," he concluded.