The bank has licensed the software in the hope of preventing fraud and money laundering and to meet compliance requirements with the Financial Services Authority’s (FSA) regulations.
NetEconomy says its Erase Financial Crime Suite will monitor Abbey’s customer accounts and send a list of alerts flagged from unusual banking activity to the bank’s compliance team every morning. These alerts are then managed, tracked and reported through a workflow environment.
The Erase case management system will also aim to speed processes within one environment to facilitate access, investigation and reporting.
