BOSTON, March 21 /CNW/ - Raiffeisen Zentralbank Osterreich AG (RZB), one
of Austria's leading banks and a major industry player with operations across
16 Central and Eastern European markets, has adopted financial crime and
compliance software from Norkom Technologies to support its enterprise-wide
Starting June this year, Norkom's software will be rolled out across the
group's 17 banking operations to conduct real time monitoring and analysis of
every transaction and customer interaction across the group's entire customer
base. Using sophisticated matching techniques, the Norkom solution will
automatically alert RZB if any entity attempting to transact with it is listed
on any of the industry's numerous and diverse watch lists, thus protecting the
bank from exposure to sanctions and from inadvertently conducting business
with known or suspected criminals and terrorists.
The Norkom solution also enables RZB to streamline its watch list
management processes through the automation of some of the traditionally
manual administrative tasks on which investigators spend much of their
valuable time. This will allow RZB to achieve substantial efficiencies within
its operation, supporting the corporate need for efficiency and accuracy.
According to research by the TowerGroup, 84% of a financial institutions'
compliance costs are driven by administration - costing the industry an
estimated $320 billion annually. The research shows that, by applying
technology, overall costs can be reduced by a minimum of 15% (TowerGroup
RZB selected Norkom after a thorough market review. A critical factor in
its selection was the flexibility of Norkom's technology platform and its
ability to address other types of financial crime, such as money laundering or
fraud, without major investment in additional or new software. This provides
RZB with the security of knowing that it can evolve its use of the Norkom
platform as business needs change and grow.
The agreement with RZB further consolidates Norkom's position in the
European market, where it is already involved in multi-country deployments
with Erste, Fortis, KBC and Rabobank. "RZB's partnership with Norkom is
evidence of our leadership in the European market and the market's growing
appetite for an enterprise-wide approach to financial crime and compliance,"
says Norkom's CEO, Paul Kerley.
Norkom was recently named 'Best Technology Solution' in Complinet's
annual compliance awards and by the analysts, Celent, in their comprehensive
review of the AML vendor landscape. "In both cases," concludes Kerley, "our
technology's ability to address a breadth of financial crime and compliance
challenges across different geographies and business operations was cited as
its key strength."
About Norkom Technologies
Norkom Technologies is a leading provider of financial crime and
compliance solutions to the global financial services industry. Its solutions
enable organizations to detect and combat financial crime, reducing their
operational losses, and addressing the industry's ever-changing compliance and
regulatory requirements. Its software suite is underpinned by a common
technology platform which can be configured to detect and investigate multiple
types of crimes. Norkom provides the infrastructure for an end-to-end
financial crime strategy while offering a range of solutions to address
immediate business issues such as anti-money laundering, watch list
management, card fraud, ID theft, internal fraud, market abuse or customer due
diligence. Norkom's approach reduces total cost of ownership and protects
clients from large-scale technology investments with every new type of
regulation or crime.
Founded in 1998, Norkom has operations across North America, AsiaPac and
Europe. Clients include, Credit Agricole Standard Chartered Bank, Erste Bank
Group, Travelex, the New York Clearing House, HSBC Bank, Bank of Montreal
Financial Group, Allied Irish Bank, Fortis Bank, KBC Bank, National Australia
Bank Group, Rabobank, and other global financial institutions and
About Raiffeisen Zentralbank Osterreich AG (RZB)
Raiffeisen Zentralbank Osterreich AG (RZB) is the central institution of
the Austrian Raiffeisen Banking Group, the country's largest banking group. It
is a leading corporate and investment bank in Austria and also considers
Central and Eastern Europe (CEE) as its home market. Via subsidiary Raiffeisen
International Bank-Holding AG, it operates one of the leading banking networks
in CEE with subsidiary banks and finance leasing companies in 16 markets. More
than 12 million customers are attended to through more than 2,800 business
outlets. Representative offices in Lithuania and Moldova complement the
group's presence in the region. Raiffeisen International's shares are traded
on the Vienna Stock Exchange. RZB owns 70 per cent, the balance is free-float.
RZB's balance-sheet total amounted to EUR 103.2 billion at 30 June 2006,
10 per cent more than at year-end 2005. Pre-tax profit was up 34 per cent
against the first semester 2005 and amounted to EUR 579.0 million.
For further information:
For further information: on Raiffeisen Zentralbank Osterreich AG (RZB)
contact: Andreas Ecker-Nakamura, +43-1-71-707-1753, firstname.lastname@example.org; or
Gregor Bitschnau, +43-1-71-707-1955, email@example.com; Norkom media
contact: Rosemary Turley, Marketing Director, Norkom Technologies, Tel:
+353-86-829-1393, firstname.lastname@example.org; or Hilary Duffy, Marketing
Manager, Norkom Technologies, Tel: +353-85-121-9414, email@example.com