Norkom signs CAN$10m Canadian bank deal

16 Oct 2003

Irish risk management software firm Norkom has signed a CAN$10m deal with the Bank of Montreal to deploy its Alchemist software across the bank’s operations throughout Canada and the US.

The Alchemist technology is already being used across the bank’s operations in North America and will be further developed and enhanced under the new deal.

The Alchemist technology allows companies to improve their defences against all kinds of risk, including credit and debit card fraud, money laundering, operational risk and other kinds of financial crime. Organisations that use the technology include Diageo, VHI Healthcare, AIB, BT Ignite and O2.

“As a result of opportunities and threats arising from market pressure and changes in the statutory and regulatory environment, we are seeing a great demand for our risk management solutions,” said Liam Griffin, senior vice-president sales, Norkom Technologies.

“The proactive detection, prevention and management of financial crime is an area that has moved to the ‘top of mind’ of all leading financial services organisations.”

By John Kennedy