NetEconomy, the global leader in financial crime management and compliance solutions, today announced that Skandinaviska Enskilda Banken (SEB) has selected its ERASEÂ® Compliance Managerâ¢ 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.
âWith 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 SEBâs demands. NetEconomy demonstrated a superior enterprise class solution offering exceptional system flexibility, configurability and scalability,â said Jan Persson, Head of Group Security at SEB. âIn addition, NetEconomyâs 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.â
Recently, SEB Unibanka in Latvia went live with ERASE after a three-month implementation. The next phase is now underway to support SEBâs 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.
âSEBâs 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 fulfill a common strategic goal is different,â said Peter Kwakernaak, Chief Commercial Officer of NetEconomy. âWe 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 organization.â
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. NetEconomyâs 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 organization. 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.