Combined Offering Provides Powerful Financial Crime Blocking
THE HAGUE, The Netherlands, December 21 -- NetEconomy, the global leader in financial crime management and compliance solutions, and a business unit of Fiserv, Inc. (NASDAQ: FISV), today announced that it has signed a strategic OEM agreement with FircoSoft, the leading provider of watchlist filtering solutions. NetEconomy plans to embed FircoSoft's OFAC-Agent Suite solution within its Compliance Manager anti-money laundering solution to deliver an integrated, comprehensive and high-performance offering to global financial institutions.
The integration of FircoSoft's watchlist filter will offer additional powerful functionalities to enhance NetEconomy's award-winning solutions. The seamless integration will allow fast delivery to financial institutions of a complete best-in-class solution to address each part of a compliance risk management program.
"NetEconomy's award-winning transaction monitoring and case management environment combined with FircoSoft's world-class watchlist filtering solution provides an exceptional high-performance platform for global financial institutions to mitigate risk in order to meet regulatory requirements and effectively fight financial crime," said Jean Losco, Executive Director, of FircoSoft. "With several implementations already underway it is an excellent start to what we believe will be very rewarding partnership."
"NetEconomy chose FircoSoft because of its proven experience delivering superior market leading solutions to a substantial customer base," said Peter Kwakernaak, Chief Commercial Officer, of NetEconomy. "We are very pleased with this agreement and also the added value, flexibility and protection our synergy will provide for our customers and global financial institutions."
FircoSoft's OFAC-Agent Suite filters any payment messages, including SWIFT, and customer information against any combination of sanctions/PEPs & FEPs (Politically Exposed Persons & Financial Exposed Persons) lists. When a match is found, an alert will be generated and routed within the NetEconomy system. In addition to watchlist filtering with FircoSoft, NetEconomy's robust system uses multiple detection scenarios, behavioural profiling and rules to monitor all financial transactions such as cash deposits and wire transfers, and alerts its users to the appearance of suspicious activity. Once suspicious activity has been identified, a step-by-step workflow with built-in case management drives users through investigation, case tracking and reporting within one fully integrated environment.
Founded in 1992, FircoSoft offers watch list filtering solutions for international financial institutions. FircoSoft develops markets and supports OFAC-Agent Suite to eliminate the risk of processing illegal transactions and detect high-risk financial customers. Over 315 institutions in more than 50 countries (representing 650 sites) use FircoSoft's Watch List Filtering solutions which are multi-alphabet ready. FircoSoft has been ranked #1 WatchList filtering solution since 2003 by Celent. FircoSoft is a SWORD Group Company (Euronext FR0004180578 - SWP). For more information, please visit www.fircosoft.com.
About SWORD Group
The SWORD Group is an International IT Products and Services Company that was founded in December 2000 by its Chairman, Jacques Mottard. Jacques' vision is for SWORD to become the best performing global Product and Services Company by identifying, anticipating and satisfying customer requirements whilst delivering profitability year on year and returning exceptional value to all stakeholders. As at the end of July 2007 SWORD employed 1,700 staff across 14 countries, with a 2006 turnover of EUR 142m. For more information, please visit www.sword-group.com.
NetEconomy, based in The Hague, with offices in London, Paris, Boston, New York, Sydney, Shanghai and Kuala Lumpur, Malaysia, and distributors and strategic partners across South Africa, Australia, Europe, Southeast Asia and the United States, is the leading provider of financial crime management and compliance solutions. With more than 140 implementations across 60 countries, NetEconomy brings business value to its worldwide client base through its personalised customer approach for minimising regulatory risk, delivering measurable results and protecting corporate brand and reputation. For more information, please visit www.neteconomy.com. For more information on NetPractice, visit www.netpractice.org.
For more information contact: Alison Holland,Director, Worldwide Marketing NetEconomy, +1-508-893-6066, email@example.com