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First Bank of Nigeria implements Mantas AML technology

14 January 2008  |  2257 views  |  0 Source: i-flex

i-flex solutions (Reuters: IFLX.BO & IFLX.NS), a leading provider of technology solutions to the global financial services industry, today announced that First Bank of Nigeria (FBN) has successfully implemented "Mantas behavior detection platform" for its Anti-Money Laundering (AML) compliance requirements in a record time of two and a half months.

Mantas, a wholly owned subsidiary of i-flex solutions, provides its clients with the industry's most advanced solutions for regulatory compliance, loss prevention and revenue generation.

Commenting on the successful implementation of Mantas - AML solution, Mr. Tim Bolade, Head of Compliance, FBN said, "We chose Mantas as it is a proven product, and enjoys worldwide brand recognition and has an excellent implementation track record. With this choice, we were confident we have selected the very best solution to augment our efforts in combating financial crime. We worked very closely with the Mantas team to achieve this success and the entire implementation was very smooth and we could go live ahead of schedule. With the Mantas implementation, FBN is now equipped with a world class AML solution to offer safe and secure banking to its customers, while complying with the stringent regulatory framework".

S. Ramakrishnan, CEO - Mantas and Reveleus, said, "Mantas is synonymous with ease of deployment and smoothly integrates in the most complex of customer settings. This is another great proof-point of what a highly committed customer and technology partner can achieve together as a team. We are proud of the fact that the Mantas implementation at FBN has set a benchmark in the Nigerian banking industry for quick and speedy implementation. Mantas platform is scalable and can be extended to meet requirements for Anti Fraud, Trade Compliance and Broker compliance. It comes with over 300 proven scenarios and in conjunction with Reveleus, addresses the entire gamut of Risk Management and Compliance needs of banks and financial institutions."

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