Norkom in anti-fraud tech deal with one of world’s top 10 banks

12 Jan 2009

Irish software company Norkom has struck a deal with Banco Santander, one of the world’s top 10 banks, and the largest bank in the Eurozone, to deploy its anti-fraud and anti-money laundering technology.

Under the terms of the agreement, Banco Santander can deploy this suite across all its European and Latin American operations, helping it to comply with national and international regulations, such as the 3rd EU Money Laundering Directive. The first implementation will be in Spain.

Norkom’s enterprise-wide Anti-Money Laundering (AML) and Watch List Management software will monitor Banco Santander transactions across all customers and accounts to detect, investigate, manage and report potentially suspicious behaviour.

The contract with Banco Santander builds upon Norkom’s existing client base in over 100 countries, which now includes six of the world’s top 10 banks. Norkom’s clients include HSBC, Credit Agricole, Fortis, Rabobank, Erste, Raiffessen Zentralbank Osterreich and Standard Chartered Bank.

The bank will be automatically alerted if any individual or entity attempting to transact with it is listed on any of the numerous and diverse watch lists issued by the regulators through the use of sophisticated matching and analytic techniques.

In addition, the software’s step-by-step investigation workflows and comprehensive alert and case management capabilities will deliver greater efficiency to the investigation process, significantly reducing costs and improving the productivity of the AML Teams.

“This is a significant deal for Norkom not only because it marks our strategic entry into Spain, but also because it enables us to count six of the world’s top 10 banks as clients,” explained Alain Tayenne, general manager of Norkom Europe.

By John Kennedy

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