NetEconomy adds FircoSoft technology to AML system
21 December 2007 | 3240 views | 0
NetEconomy, the global leader in financial crime management and compliance solutions, and a business unit of Fiserv (NASDAQ:FISV), today announced that it has signed a strategic OEM agreement with FircoSoft, the leading provider of watchlist filtering solutions.
NetEconomy plans to embed FircoSoft's OFAC-Agent Suite solution within its Compliance Manager anti-money laundering solution to deliver an integrated, comprehensive and high-performance offering to global financial institutions.
The integration of FircoSoft's watchlist filter will offer additional powerful functionalities to enhance NetEconomy's award-winning solutions. The seamless integration will allow fast delivery to financial institutions of a complete best-in-class solution to address each part of a compliance risk management program.
"NetEconomy's award-winning transaction monitoring and case management environment combined with FircoSoft's world-class watchlist filtering solution provides an exceptional high-performance platform for global financial institutions to mitigate risk in order to meet regulatory requirements and effectively fight financial crime," said Jean Losco, Executive Director, of FircoSoft. "With several implementations already underway it is an excellent start to what we believe will be very rewarding partnership."
"NetEconomy chose FircoSoft because of its proven experience delivering superior market leading solutions to a substantial customer base," said Peter Kwakernaak, Chief Commercial Officer, of NetEconomy. "We are very pleased with this agreement and also the added value, flexibility and protection our synergy will provide for our customers and global financial institutions."
FircoSoft's OFAC-Agent Suite filters any payment messages, including SWIFT, and customer information against any combination of sanctions/PEPs & FEPs (Politically Exposed Persons & Financial Exposed Persons) lists. When a match is found, an alert will be generated and routed within the NetEconomy system. In addition to watchlist filtering with FircoSoft, NetEconomy's robust system uses multiple detection scenarios, behavioral profiling and rules to monitor all financial transactions such as cash deposits and wire transfers, and alerts its users to the appearance of suspicious activity. Once suspicious activity has been identified, a step-by-step workflow with built-in case management drives users through investigation, case tracking and reporting within one fully integrated environment.