Data and Database Management Software
SEB Selects NetEconomy for Global Roll-Out to Combat Financial Crime
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THE HAGUE, The Netherlands, January 9/-- Phase One Now Live in Latvia With ERASE
NetEconomy, the global leader in financial crime management and compliance solutions, today announced that Skandinaviska Enskilda Banken
(SEB) has selected its ERASE® Compliance Manager(TM) anti-money laundering
(AML) solution for monitoring banking transactions to detect and report suspicious criminal activity.
The phased implementation will cover 18 countries with multiple installations of ERASE. The central hub will reside in Sweden with additional satellite installations, amongst others, in Singapore and Russia. ERASE will provide a dashboard for monitoring AML operations across the entire SEB enterprise, and will be monitoring well over 100 million transactions each month across more than 10 million accounts.
"With a project of this size and complexity it was crucial for SEB to select a solution and a company that fulfilled both the regulatory and SEB's demands. NetEconomy demonstrated a superior enterprise class solution offering exceptional system flexibility, configurability and scalability," said Jan Persson, Head of Group Security at SEB. "In addition, NetEconomy's proven track record for delivering multiple-country implementations, their understanding of our business, and the knowledge and responsiveness of the team set NetEconomy apart from the other vendors we evaluated."
Recently, SEB Unibanka in Latvia went live with ERASE after a three-month implementation. The next phase is now underway to support SEB's Eastern European Banking operations, scheduled to go live in six months with future phases covering SEB's Merchant Banking, Nordic Retail and Private Banking, Card Services and Germany operations. Delivery across all Group business functions is scheduled to be ready in 2007.
"SEB's selection of NetEconomy is a true validation of the depth and breath of our solution. NetEconomy is highly adaptable to different global geographies, understanding that each implementation, while trying to fulfil a common strategic goal is different," said Peter Kwakernaak, Chief Commercial Officer of NetEconomy. "We look forward to continued success with SEB in helping to protect its customers and reputation while fighting financial crime across its varied geographies and business lines. With a fully-integrated view of crime across its 18 countries, this progressive holistic approach will gain essential insight to business risk and streamline processes across the SEB organisation."
The ERASE Financial Crime Management Platform
NetEconomy is the market leader in financial crime detection and prevention by means of our ERASE platform. ERASE offers one comprehensive and fully integrated platform to detect and prevent money laundering, terrorist financing, transactional fraud, market abuse and employee fraud. NetEconomy's ERASE Compliance Manager identifies a range of money laundering and terrorist financing activity across multiple channels, product lines and geographies, giving financial institutions a holistic view to effectively mitigate risk across their organisation. ERASE monitors financial transactions such as cash and check deposits, and wire transfers, and alerts its users to the appearance of suspicious 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.
About SEB
The SEB Group is a North European financial group for 400,000 corporate customers and institutions, and 5 million private customers. SEB has local presence in the Nordic and Baltic countries, Germany, Poland, Ukraine and Russia. The Group is represented in some 20 countries around the world and has a staff of about 20,000.
About NetEconomy
NetEconomy is the leading provider of financial crime management and compliance solutions. With over 110 implementations across 48 countries, NetEconomy has an exceptional track record for developing and delivering highly effective and easily deployable solutions for anti-money laundering, fraud prevention and market surveillance. 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/reputation. NetEconomy is headquartered in The Hague, with offices in Boston, London, New York, Paris, Kuala Lumpur, Shanghai and Sydney, and distributors and strategic partners across the Middle East, Caribbean, Europe, South (East) Asia and the United States. For more information visit www.neteconomy.com.
Source: NetEconomy
Contact:
Alison Holland
CAMS, Director, Worldwide Marketing
NetEconomy
aholland@neteconomy.com
+1-508-893-6066
