GENEVA, Switzerland â 15 February, 2005, TEMENOS Group (SWX:TEMN), a provider of integrated core banking systems, and Mantas Inc., a leader in behaviour detection for financial services and telecommunications, today announced their alliance to provide compliance solutions to the global financial market. This alliance leverages each companyâs strengths to offer world-class compliance solutions to firms ranging from global tier one institutions to small regional banks.
Customers will have access to a complete suite of compliance applications, including anti-money laundering, fraud detection, trading compliance, broker compliance and mutual fund trading solutions. As a result financial institutions can meet compliance and global regulatory requirements while managing external reputations and customer retention, regardless of their size and IT budgets.
Increasingly, financial institutions are being called on to address domestic and international regulations targeted at reducing financial crime, such as money laundering, mis-selling, broker malfeasance and fraud. Regulations, such as Basel II, the Market Abuse Directive, the 3rd Money Laundering Directive and the USA Patriot Act demand that institutions develop a comprehensive approach to a wide range of compliance requirements. In order to stay compliant, and protect their reputations and their customersâ assets, firms are realising that reliance on manual compliance processes is outdated and inefficient. TEMENOS has more than 300 customers that can take advantage of Mantasâ sophisticated compliance offerings through their existing and trusted partner.
Darren Innes, EVP of EMEA for Mantas, comments: "Automated compliance solutions are becoming an essential tool in financial institutions of all sizes. Now there is no reason why small- and medium-sized firms should be barred from the most sophisticated compliance technology available simply due to cost. This partnership substantially lowers the solutionâs total cost of ownership, or in other words, the total cost of compliance."
Andreas Andreades, CEO, TEMENOS comments: "We pride ourselves on our superior core banking products and look forward to now being able to offer our clients the very best in automated compliance solutions. Providing the best solutions to respond to critical business needs is always a key focus for TEMENOS."