| Raiffeisen Zentralbank Österreich chooses Norkom to support financial crime strategy | | Print | |
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Starting June this year, Norkom’s software will be rolled out across the group’s 17 banking operations to conduct real time monitoring and analysis of every transaction and customer interaction across the group’s entire customer base.
Using sophisticated matching techniques, the Norkom solution will automatically alert RZB if any entity attempting to transact with it is listed on any of the industry’s numerous and diverse watch lists, thus protecting the bank from exposure to sanctions and from inadvertently conducting business with known or suspected criminals and terrorists.
The Norkom solution also enables RZB to streamline its watch list management processes through the automation of some of the traditionally manual administrative tasks on which investigators spend much of their valuable time.
This will allow RZB to achieve substantial efficiencies within its operation, supporting the corporate need for efficiency and accuracy. According to research by the TowerGroup, 84% of a financial institutions’ compliance costs are driven by administration – costing the industry an estimated $320 billion annually. The research shows that, by applying technology, overall costs can be reduced by a minimum of 15% (TowerGroup September 2005). RZB selected Norkom after a thorough market review.
A critical factor in its selection was the flexibility of Norkom’s technology platform and its ability to address other types of financial crime, such as money laundering or fraud, without major investment in additional or new software. This provides RZB with the security of knowing that it can evolve its use of the Norkom platform as business needs change and grow.
The agreement with RZB further consolidates Norkom’s position in the European market, where it is already involved in multi-country deployments with Erste, Fortis, KBC and Rabobank.
“RZB’s partnership with Norkom is evidence of our leadership in the European market and the market’s growing appetite for an enterprise-wide approach to financial crime and compliance,” says Norkom’s CEO, Paul Kerley.
Norkom was recently named ‘Best Technology Solution’ in Complinet’s annual compliance awards and by the analysts, Celent, in their comprehensive review of the AML vendor landscape.
“In both cases,” concludes Kerley, “our technology’s ability to address a breadth of financial crime and compliance challenges across different geographies and business operations was cited as its key strength.”
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