2013-01-02 13:35:47 - Following five years of successful deployment of 3i Infotech’s anti-money laundering solution AMLOCK, Newcastle Building Society (NBS) chose in May 2012 to upgrade to the more powerful FCDMS platform which went live on October 6, 2012.
FCDMS is 3i Infotech’s new enterprise level software product aimed at assisting organisations to monitor suspicious activity in financial transactions for such systems as core banking, lending, mortgages, receivables finance, gaming and so on. FCDMS provides powerful facilities including identity verification, de-duplication, proprietary behavioral profiling engine, transaction monitoring, workflow-driven case management and comprehensive reporting.
FCDMS broadens the capability from AMLOCK (which deals with anti-money laundering) to the monitoring of a wide variety of fraudulent activities and is already deployed at major banks globally. NBS marks the first enterprise implementation in UK.
Madhivanan Balakrishnan, Managing Director and Global CEO, 3i Infotech said: “There is an increasing challenge for all companies operating in financial services to comply with regulatory and operational requirements
to prevent both external and internal fraud. This challenge represents an ever-increasing overhead budget for companies as attempted fraud becomes more and more sophisticated in the digital age. 3i Infotech’s response with the FCDMS offering is aimed at providing an affordable platform that delivers flexible, secure and expandable capability. 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.”
Keith Collins, Senior Systems Services Technician at NBS added: “We have been very happy with the stability, reliability and capability of AMLOCK over the five years since its deployment. We have been equally impressed at the ease with which AMLOCK has been upgraded to FCDMS in a matter of a few months to schedule. The support from 3i Infotech throughout has been first rate.”
Tony Frizzell, Financial Crime Manager at NBS commented “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”.
About 3i Infotech Limited
3i Infotech (www.3i-infotech.com) is a global Information Technology company committed to Empowering Business Transformation.
A comprehensive set of IP based software solutions (20+), coupled with a wide range of IT Services, uniquely positions the company to address the dynamic requirements of a variety of industry verticals, predominantly Banking, Insurance, Capital Markets, Asset & Wealth Management (BFSI). The company also provides solutions for other verticals such as Government, Manufacturing, Retail, Distribution, Telecom and Healthcare.
3i Infotech has over 1500 customers, including 71 in the Fortune 500 list, in more than 50 countries across 5 continents.
About Newcastle Building Society:
Newcastle Building Society is the biggest building society in the North East, with more regional branches than any other Society and with assets of more than £4.4bn. Our primary focus is our members and we aim to provide a great range of mortgage, savings and insurance products, which is supported by excellent customer service. Additionally, we offer trusted financial advice through our experts within our Newcastle Financial Services Limited division.
NBS is committed to helping the wider community in a variety of ways and has donated more than £900,000 in grants to more than 900 groups in recent years. We also have a dedicated Charity of the Year, which our staff nominate, vote for and spend a 12-month period raising funds within, all to support the charity.