NetEconomy releases Erase Financial Crime Suite

Source: NetEconomy

NetEconomy, a leader in real-time enterprise risk monitoring solutions for the finance industry, today announced the release of the ERASE Financial Crime Suite, a fully integrated software solution designed to improve how banks, insurance and securities firms prevent, detect and manage financial crime.

"Financial crime can significantly impact revenues, drain resources, and threaten a financial institution's reputation," said Richard Verheij, Founder and Chairman of the Board of NetEconomy. "The ERASE Financial Crime Suite is designed to pro-actively detect a range of illegal activity, giving customers a consolidated view of crime across their financial institution."

The ERASE Financial Crime Suite monitors financial transactions such as cash and check deposits, wire transfers, and insider trades, and alerts its users to the appearance of illegal activity. Once alerts have been generated, a step-by-step workflow with built-in case management drives users through investigation, case tracking and reporting within one fully-integrated environment.

SAM(TM), a next-generation suspicious activity monitoring engine within the ERASE Financial Crime Suite, effectively prevents and detects an array of financial crime activity, eliminating the need to implement many tools to manage disparate crime areas. With this unified approach, financial institutions benefit from increased operational efficiencies, reduced costs, and greater business insight into risk.

"NetEconomy's solution offering is the culmination of years of experience working with its global customer base," said Neil Katkov, Senior Analyst, Celent Communications. "NetEconomy provides impressive performance and a sound approach to unified risk prevention, detection and workflow management with the ERASE Financial Crime Suite."

The ERASE Financial Crime Suite provides a real-time pro-active detection and management environment that includes:
  • Suspicious Activity Monitoring with SAM combines multiple approaches including behavioral profiling, peer group analysis and rules to prevent and detect a variety of crime areas. Alerts generated are prioritized by risk and are highly accurate thereby significantly reducing the numbers of false positives and false negatives that typically appear with a rules-based-only tool;
  • Real-time Blocking of Transactions is achieved by integration with Microsoft's BizTalk Accelerator for Swift, allowing customers to prevent fraud and block illegal activity in real-time;
  • Watch List Checking and Filtering allows users to check existing and new customers against a variety of supported watch lists in real time. For customers that already have this capability in place, SAM is integrated with WorldCheck and can be integrated with Factiva, RDC, ChoicePoint or another third-party vendor;
  • Data-Rich Investigative Environment allows users to view all transactions, visualize trends and find links and associations to uncover illegal activity;
  • Case Management System is integrated within the ERASE Financial Crime Suite to manage, prioritize and automate management of individual cases and collection of evidence within a digital file folder system;
  • Automated Reporting reduces the time-consuming reporting requirements (e.g., for SAR, CTR and NCIS, for example). In addition, internal or custom management reports are easily and automatically generated;
  • Exceptional Performance and Scalability helps customers process and manage very large transaction volume quickly and efficiently. The ERASE Financial Crime Suite can support customers with as few as 5,000 accounts, to global implementations with multiple sites and servers monitoring many millions of transactions per day;
  • Reduced Total Cost of Ownership from small to very large implementations is achieved by leveraging existing Microsoft systems already deployed in-house. The ERASE Financial Crime Suite operates on Microsoft Windows 2000 and 2003 Servers using Microsoft's SQL Server 2000 and Microsoft Message Queuing (MSMQ) as enterprise-wide storage and messaging platforms. The Microsoft environment provides stability and flexibility while significantly reducing installation and integration time.
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