Source: Northland Solutions
Skipton Building Society, an innovator in mortgage and investment products, has implemented Compliance Alert from Northland Solutions as its anti-money laundering and fraud detection solution.
Compliance Alert was chosen in August 2007 after a competitive procurement process to replace existing manual and in-house systems. The deployment went live across the entire business on 22nd October, just seven weeks after commencement. The solution, therefore, was in place to support the launch of Skipton's new internet savings account which is strategically significant to the society's online business.
Kathryn Payne, Head of Compliance at Skipton, comments: "We chose Compliance Alert because of its outstanding track record in the savings and loans sector and its ability to execute quickly and efficiently. Skipton has a reputation for innovative products and the Compliance Alert implementation underpins regulatory compliance and security on Skipton's entry into one such area - the key online savings market."
Online savings accounts require a speedy and sophisticated level of compliance in order to satisfy regulatory requirements. Skipton's Compliance Alert solution addresses these, providing interfaces to third party solutions including CallCredit for third party client identification and verification.
Skipton's subsidiary Bailey Computer Services, which operates a bureau and managed services business, will also be making Compliance Alert available to its clients.
Northland Solutions managing director Gary Duxbury adds: "The Skipton implementation demonstrates the inherent robustness and flexibility of Compliance Alert, which can assimilate data from many varied sources. Our domain knowledge and commitment to delivery put us in a position to partner with Skipton to address the business needs for enhanced security in this important new online market. That's what underpins our significant success in the mortgage and savings sector where, to date, Compliance Alert is installed at five of the major players in the UK market.
"In addition to the intense focus on compliance within the financial services sector, the function itself is becoming ever more chhallenging, driven by the pace of product change and the increasingly remote customer base. Compliance Alert is a valuable tool as it enhances the productivity of the prized but time-pressed compliance expert, whilst at the same time satisfying the regulatory requirement for a systematic approach. We pride ourselves on delivery, and whilst other organisations may champion deals signed, we only talk about projects delivered and providing benefit to our customers".