NetEconomy has announced that PostBank, RegioBank and ING Bank Nederland (IBN) are now fully operational with a single fully-integrated implementation of the ERASE Compliance Manager solution.
ERASE monitors transactions to ensure anti-money laundering (AML) and Know Your Customer (KYC) compliance as well as mitigate and manage risk related to money laundering activity.
“Beginning this project, our starting goal was to ensure that PostBank, RegioBank and IBN, each owned by ING, adhere to our internal ING Financial Economic Crime (FEC) Policy to implement proper procedures and applications for monitoring customers on the aspect of AML and KYC,” said Tom Wever, IT Manager of ING Retail DWH. “We are pleased with the results of this particular implementation, as well as our ability to use one integrated solution across three ING banking labels.”
After a three-month start-to-finish implementation, ERASE now monitors 8 million customers, 9 million accounts and up to 18 million transactions per day. ERASE is installed in a single database environment across one retail and two wholesale banks with a web user interface adapted for each bank for alert investigating.
“With ERASE we were able to combine systems and aggregate transaction data, delivering to ING both cost savings and a greater business insight into risk,” said Henry Barenholz, Vice President Sales & Marketing at NetEconomy. “With this combined approach, ERASE is able to uncover links and associations of suspicious activity across these three banking units, broadening ING’s view of risk. In addition, by leveraging one solution across three banks, there is direct costs savings – one solution cost instead of three – as well as optimised processes, saved resources, and lowered operational and labor costs.”