IBM in alliance with software firm to fight financial crime

18 Sep 2008

A Dublin software company has struck up a strategic alliance with one of the world’s largest technology companies to help some of the world’s biggest banks fight financial crime and terrorism.

Dublin-based Norkom will work with IBM to deliver new financial crime and compliance (FCC) software solutions to the world’s leading financial institutions.

At the financial services industry’s major annual event SIBOS, the companies said they will create solutions that will combine the expertise of IBM’s Global Business Services and Norkom’s FCC software.

Both companies have already aligned research and development around the IBM InfoSphere Entity Analytic Solutions (EAS) portfolio, including the IBM Relationship Resolution product.

The financial services industry experiences an estimated US$19bn in losses each year due to financial crimes. Compounding these losses is a fluid regulatory environment that has driven up operational costs by 43pc annually. 

“Working with IBM will enable us to further expand our global footprint and enter new markets and geographies through IBM’s vast network of global relationships,” said Paul Kerley, CEO of Norkom Technologies. “But the real winners will be our current and future clients within the global financial services sector.

“Together with IBM, Norkom will deliver solutions, developed on leading-edge platforms, which will help financial organisations comply quickly and affordably with regulatory requirements and defend against operational and reputation risk and loss posed by external and internal financial attacks.”

Norkom works with clients such as HSBC, Credit Agricole, ANZ, American Express and Washington Mutual to meet their business and regulatory requirements. Over the past two years, Norkom has enjoyed tremendous worldwide success and expansion into Australia, Asia and the Middle East, building on its market leading position in North America and Europe.

“Our customers face monumental challenges for evolving risk management requirements and to defend against illegal activities. Incremental, siloed investments are expensive and ineffective in dealing with the growth and sophistication of multi-channel threats,” said June Felix, general manager, global banking and financial markets, IBM. 

By John Kennedy

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years