THE HAGUE, The Netherlands, December 12 /PRNewswire/ --
- Next Implementations Planned for Germany, Brazil, and Asia
NetEconomy, the global leader in real-time enterprise risk monitoring solutions for the finance industry, today announced that ING Group (NYSE: ING) is now live with ERASE implementations in Belgium, India, and Mexico for detecting money laundering and fraud, and managing compliance initiatives across these countries.
After the first successful pilot implementations of ERASE at ING Romania, CuraC'ao (Dutch Antilles) and Luxembourg, ING signed an exclusive global contract with NetEconomy in June of 2004. Since that time, NetEconomy has implemented systems in The Netherlands, Poland, New York, and now India, Mexico, and Belgium, with planned installations in Germany, Brazil, and Asia.
"As the threat of financial crime continues to advance on a global basis, we are charged to take a proactive stance to protect our customers and our firm against risk. Since implementing ERASE, we have seen considerable benefits and results significantly impacting the efficiency, productivity and reliability of our AML and fraud initiatives," said Virginie de Fresquet, CIO Transactional Services of ING. "The detection accuracy of ERASE reduces false positives for fewer alerts to investigate; quick implementations result in a significant cost savings; and the system flexibility and scalability gives us the assurance that as we expand or change, ERASE can adapt as needed."
"The ongoing successful roll-out at ING is a clear example of the international capabilities of NetEconomy and our ERASE solutions," said Sebastian Kuntz, CEO of NetEconomy. ""Each ING banking institution has specific requirements varying in complexity and scalability. We are very pleased to be able to deliver highly effective solutions whatever country, size or system infrastructure."
Driving Innovation with ERASE
NetEconomy's ERASE Financial Crime Suite identifies a range of illegal activity across multiple channels, product lines and geographies, giving banks, insurance and investment services firms a holistic view to effectively mitigate risk across their organization. ERASE monitors financial transactions such as cash and check deposits, wire transfers, and insider trades, 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.
About NetEconomy
NetEconomy, founded in 1993, is the global leader in delivering real-time enterprise software solutions to financial institutions for monitoring transactions to prevent, detect and manage financial crime, including money laundering, employee fraud, external fraud and market abuse. NetEconomy brings business value to its global customer base by minimizing business and regulatory risk, increasing profitability, and protecting corporate brand/reputation. NetEconomy is headquartered in The Hague, with offices in Boston, London and Kuala Lumpur, and distributors and strategic partners across South Africa, Middle East, Caribbean, Europe, South (East) Asia and the United States. For more information visit http://www.neteconomy.com.
