HSData will provide sales operations, technical support and professional services in Cyprus to assist NetEconomy in meeting the growing regional demand for financial crime management solutions that mitigate and prevent money laundering and fraud, and provide market surveillance.

The first joint implementation has started this month with Bank of Cyprus, followed by Hellenic Bank, Laiki Group, Emporiki Bank and Universal Bank. The phased delivery approach will include NetEconomy's ERASE Compliance Manager for anti-money laundering (AML) transaction monitoring and case management, and SIDE's SafeWatch for real-time watch list filtering.

"Our customers demand proven solutions that can be quickly implemented to deliver results," said Charis Stamatiou, General Manager of HSData. "With NetEconomy's ERASE integrated solutions we can address our customers' needs for cost-effective financial crime and compliance solutions to combat fraud, money laundering and other forms of financial crime."

"HSData is an established leader and a natural partner, serving the largest financial institutions in Cyprus," said Peter Kwakernaak, Vice President of Sales and Marketing for NetEconomy. "Our partnership will support our growth in Cyprus, and offer our five new customers highly effective solutions and compliance safeguards that are vital to banks in this region."