NetEconomy says Friesland Bank NV has bought its ERASE application to detect money laundering and fraudulent activity in compliance with Dutch federal regulations.
With customers including Dexia Bank, Dexia BIL, F. van Lanschot Bankiers, ING Bank Nederland, ING Bank Belgium, Postbank, Regio Bank, and Record Bank, the Friesland Bank selection strengthens NetEconomy’s position as the AML market leader in the Benelux region.
“In today’s rapidly changing regulatory environment it is essential to proactively address compliance in a manner that not only meets current legislative requirements, but anticipates future guidelines,” says Willem F.C. Cramer, Chairman of the Board of Management of Friesland Bank. “As a proven market leader, NetEconomy’s technology ensures that we are well-equipped to both existing and still-evolving forms of fraud money laundering and other types of financial crime.”
“After visiting another financial institution using ERASE, we were able to see first-hand how ERASE worked, and also learn from its compliance professionals about their satisfaction of ERASE and NetEconomy’s implementation,” adds Niek Hagoort, Director of Risk at Friesland Bank. “We are pleased to have selected NetEconomy for the quality of its solution, the regulatory expertise of local laws and requirements, and the fast implementation compared to other vendors we evaluated.”
“Our implementation time from initial assessment to measurable results is unmatched in the industry, and that efficiency drives our continuing success,” says Henry Barenholz, Vice President of Sales and Marketing, at NetEconomy. “Friesland Bank’s implementation of our ERASE solution further cements our dominance in the Benelux region, and extends the customer momentum we’ve sustained over the last year.”