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3i Infotech’s Financial Crime Detection & Management System (FCDMS) Goes Live to Underpin Newcastle Building Society’s Goal of Fighting Financial Crime

3i Infotech marks its successful launch of FCDMS into the UK Financial Services market

Following five years of successful deployment of 3i Infotech’s anti-money laundering solution AMLOCK, Newcastle Building Society (NBS) chose in May 2012 to upgrade to the more powerful FCDMS platform which went live on October 6, 2012.

FCDMS is 3i Infotech’s new enterprise level software product aimed at assisting organisations to monitor suspicious activity in financial transactions for such systems as core banking, lending, mortgages, receivables finance, gaming and so on. FCDMS provides powerful facilities including identity verification, de-duplication, proprietary behavioral profiling engine, transaction monitoring, workflow-driven case management and comprehensive reporting.

FCDMS broadens the capability from AMLOCK (which deals with anti-money laundering) to the monitoring of a wide variety of fraudulent activities and is already deployed at major banks globally. NBS marks the first enterprise implementation in UK.

Madhivanan Balakrishnan, Managing Director and Global CEO, 3i Infotech said: “There is an increasing challenge for all companies operating in financial services to comply with regulatory and operational requirements to prevent both external and internal fraud. This challenge represents an ever-increasing overhead budget for companies as attempted fraud becomes more and more sophisticated in the digital age. 3i Infotech’s response with the FCDMS offering is aimed at providing an affordable platform that delivers flexible, secure and expandable capability. We are delighted we have earned the right to continue to be the supplier of choice to Newcastle Building Society for their financial crime management solution after a mutually beneficial relationship spanning more than five years. We look forward to building on this moving forward.”

Keith Collins, Senior Systems Services Technician at NBS added: “We have been very happy with the stability, reliability and capability of AMLOCK over the five years since its deployment. We have been equally impressed at the ease with which AMLOCK has been upgraded to FCDMS in a matter of a few months to schedule. The support from 3i Infotech throughout has been first rate.”

Tony Frizzell, Financial Crime Manager at NBS commented “We were pleased to see the ongoing investment made by 3i Infotech in launching the much more broadly-based FCDMS solution which provides more automation, financial crime detection and pattern matching capability. Its flexibility was evident in the implementation and training process in which we could configure and fine tune our monitoring requirements. FCDMS will improve our ability to prevent and capture financial crime activity while significantly improving the productivity of my department”.