Abbey live with NetEconomy anti-money laundering software
19 July 2005 | 1625 views | 0
NetEconomy, the leader in real-time enterprise risk monitoring solutions for the finance industry, announced today that Abbey is now operational with its ERASE Financial Crime Suite to deter money laundering and fraudulent activity, and help meet compliance requirements with the Financial Services Authority's (FSA) regulations.
"We are pleased with the impressive results from NetEconomy's ERASE Financial Crime Suite solution," said Amanda Hughes, MLRO, at Abbey. "The accuracy of alerts flagged that could lead to illegal activity is exceptionally high, meaning fewer alerts and more time to spend on transactions that are truly suspicious."
ERASE monitors all of Abbey's 18 million customers with 23 million accounts, generating over 65 million transactions per month, or approximately 4 million transactions per day from three Abbey banking systems including Cahoot (Internet Banking), Abbey Retail Banking and Abbey National Business Banking.
Each morning, ERASE delivers to the Abbey compliance team a list of alerts flagged from unusual banking activity. Alerts are then managed, tracked and reported through a step-by-step, start-to-finish workflow environment. ERASE's fully-integrated case management system significantly speeds processes from automating procedures for both manual and system generated SARs, to keeping all records and evidence within one environment for easy access, investigation, and reporting.
"Our configurable, flexible and scalable ERASE solution is uniquely suited for large, complex financial institutions like Abbey who wish to efficiently monitor, manage and report transaction data to fight financial crime," said Henry Barenholz, Vice President of Sales and Marketing for NetEconomy. "We are very pleased to add Abbey to our list of on-time, large-scale ERASE implementations that showcase our system's key differentiators including "hit-rate" accuracy, comprehensive workflow features and a best-in-class case management system."