THE HAGUE, The Netherlands, January 9 /PRNewswire/ --
- Phase One Now Live in Latvia With ERASE
NetEconomy, the global leader in financial crime management andcompliance solutions, today announced that Skandinaviska Enskilda Banken(SEB) has selected its ERASE(R) Compliance Manager(TM) anti-money laundering(AML) solution for monitoring banking transactions to detect and reportsuspicious criminal activity.
The phased implementation will cover 18 countries with multipleinstallations of ERASE. The central hub will reside in Sweden with additionalsatellite installations, amongst others, in Singapore and Russia. ERASE willprovide a dashboard for monitoring AML operations across the entire SEBenterprise, and will be monitoring well over 100 million transactions eachmonth across more than 10 million accounts.
"With a project of this size and complexity it was crucial for SEB toselect a solution and a company that fulfilled both the regulatory and SEB'sdemands. NetEconomy demonstrated a superior enterprise class solutionoffering exceptional system flexibility, configurability and scalability,"said Jan Persson, Head of Group Security at SEB. "In addition, NetEconomy'sproven track record for delivering multiple-country implementations, theirunderstanding of our business, and the knowledge and responsiveness of theteam set NetEconomy apart from the other vendors we evaluated."
Recently, SEB Unibanka in Latvia went live with ERASE after a three-monthimplementation. The next phase is now underway to support SEB's EasternEuropean Banking operations, scheduled to go live in six months with futurephases covering SEB's Merchant Banking, Nordic Retail and Private Banking,Card Services and Germany operations. Delivery across all Group businessfunctions is scheduled to be ready in 2007.
"SEB's selection of NetEconomy is a true validation of the depth andbreath of our solution. NetEconomy is highly adaptable to different globalgeographies, understanding that each implementation, while trying to fulfila common strategic goal is different," said Peter Kwakernaak, ChiefCommercial Officer of NetEconomy. "We look forward to continued success withSEB in helping to protect its customers and reputation while fightingfinancial crime across its varied geographies and business lines. With afully-integrated view of crime across its 18 countries, this progressiveholistic approach will gain essential insight to business risk and streamlineprocesses across the SEB organisation."
The ERASE Financial Crime Management Platform
NetEconomy is the market leader in financial crime detection andprevention by means of our ERASE platform. ERASE offers one comprehensive andfully integrated platform to detect and prevent money laundering, terroristfinancing, transactional fraud, market abuse and employee fraud. NetEconomy'sERASE Compliance Manager identifies a range of money laundering and terroristfinancing activity across multiple channels, product lines and geographies,giving financial institutions a holistic view to effectively mitigate riskacross their organisation. ERASE monitors financial transactions such as cashand check deposits, and wire transfers, and alerts its users to theappearance of suspicious activity. Once alerts have been generated, astep-by-step workflow with built-in case management drives users throughinvestigation, case tracking and reporting within one fully-integratedenvironment.
About SEB
The SEB Group is a North European financial group for 400,000 corporatecustomers and institutions, and 5 million private customers. SEB has localpresence in the Nordic and Baltic countries, Germany, Poland, Ukraine andRussia. The Group is represented in some 20 countries around the world andhas a staff of about 20,000.
About NetEconomy
NetEconomy is the leading provider of financial crime management andcompliance solutions. With over 110 implementations across 48 countries,NetEconomy has an exceptional track record for developing and deliveringhighly effective and easily deployable solutions for anti-money laundering,fraud prevention and market surveillance. NetEconomy brings business value toits worldwide client base through its personalised customer approach forminimising regulatory risk, delivering measurable results, and protectingcorporate brand/reputation. NetEconomy is headquartered in The Hague, withoffices in Boston, London, New York, Paris, Kuala Lumpur, Shanghai andSydney, and distributors and strategic partners across the Middle East,Caribbean, Europe, South (East) Asia and the United States. For moreinformation visit www.neteconomy.com.
NetEconomy
Contact: Alison Holland, CAMS, Director, Worldwide Marketing, NetEconomy, aholland@neteconomy.com, +1-508-893-6066
