NBS gets new crime fighting tool
Thursday 3 January 2013 5:00
Building Society upgrades to beat the money launderers
Newcastle Building Society has upgraded its anti money laundering software to 3i Infotech's FCDMS platform.
FCDMS is 3i Infotech's new software product aimed at assisting organisations to monitor suspicious activity in financial transactions for such systems as core banking, lending, mortgages, receivables finance and gaming.
FCDMS can monitor a wide variety of fraudulent activities and is already deployed at major banks globally. Newcastle Building Society marks the first enterprise implementation in UK.
Madhivanan Balakrishnan, chief executive of 3i Infotech said: " We are delighted we have earned the right to continue to be the supplier of choice to Newcastle Building Society for their financial crime management solution after a mutually beneficial relationship spanning more than five years. We look forward to building on this moving forward."
Tony Frizzell, Financial Crime Manager at Newcastle Building Society said "We were pleased to see the ongoing investment made by 3i Infotech in launching the much more broadly-based FCDMS solution which provides more automation, financial crime detection and pattern matching capability. Its flexibility was evident in the implementation and training process in which we could configure and fine tune our monitoring requirements. FCDMS will improve our ability to prevent and capture financial crime activity while significantly improving the productivity of my department".