NetEconomy reports Erase contracts

Source: NetEconomy NetEconomy

NetEconomy, the leader in real-time enterprise risk monitoring solutions for the finance industry, announced today that fifteen installations of its ERASE solutions will be implemented over the coming months.

These new ERASE installations, for preventing, detecting and managing financial crime, including money laundering and fraud, span the globe - from the United States, South Africa, France, and the Netherlands, to India, the Caribbean, Belgium, and Poland.

"Financial crime is a problem of global concern, with similarities in suspicious behavior that cross borders and continents. NetEconomy's ERASE solutions are designed to mitigate and report illegal activity whatever country, whatever language, whatever regulatory requirements," said Sebastian Kuntz, CEO of NetEconomy. "We are pleased that financial institutions continue to recognise our ERASE solutions as best-in-class for preventing, detecting and managing financial crime."

The new installations of NetEconomy's ERASE solutions cover retail, private and wholesale banks, securities firms as well as offshore financial institutions. Due to sensitivities relating to the deterrence and management of money laundering and other financial crime, NetEconomy has decided not to mention customer names within press releases in the near future. NetEconomy wants to safeguard their clients who make use of the ERASE solution and do not want to emphasize which products or strategies are chosen to prevent and fight financial crime.

"As financial crime becomes more pervasive and financial institutions' vulnerabilities make the 6 o'clock news, FSIs should make financial crime a top priority now rather than later and take a proactive rather than a reactive stance," said Virginia Garcia, senior analyst of TowerGroup. "Financial services institutions must get ahead of the financial crime curve and make certain they understand the ripple effect of fraud and not just the potential for direct losses. Given a mounting surge in financial crime that may mask unexpected threats of calamitous proportions, reputation and customer trust are at stake. Institutions will rely on mature solution providers, such as NetEconomy, that have deep subject matter expertise in regulatory compliance and fraud/financial crime management."

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