ING Group has signed an agreement with NetEconomy, a self-styled “leader in real-time enterprise risk monitoring solutions for the finance industry,” to use its applications to combat money laundering and ensure compliance.
The contract entails installation of NetEconomy’s ERASE Compliance Manager Solution. The first system was installed at ING Luxembourg earlier this year. ERASE implementations will be started in Belgium and Poland shortly, to be followed by ING France and ING New York.
“As one of the largest financial services firms in the world, we are committed to adopting superior technology to align with our global efforts to fight financial crime and reduce risk exposure,” says Klaas de Wit, Senior Compliance Officer of ING Bank. “Therefore, we extensively investigated the anti-money laundering software tools available, even though ERASE was already successfully running at ING Romania, Curaao (Dutch Antilles) and The Netherlands. The results have given us the assurance and confidence we need, to proceed with NetEconomy and to extend ERASE across our banking institutions worldwide.”
“Anti-money laundering has become a key issue for financial institutions,” adds Robin Bodaan, ING Global Account Manager of NetEconomy. “We are very pleased to be selected by ING, after a rigorous procurement process, as their preferred choice for managing their global anti-money laundering. Since NetEconomy is based on Microsoft technology, ING also benefits from a cost effective ERASE solution which is scalable for every type of their global bank environment and can easily handle millions of transactions.”
“We believe that the combination of NetEconomy’s technology and Microsoft’s mission critical platform – Windows Server and SQL Server – will provide ING with a cost effective, scalable and flexible solution,” says Willem Blanken, Director Enterprise en Partner Group at Microsoft Netherlands. “We were keen to team up with NetEconomy during the selection process and help them with outlining a joint strategy and offering product support. Now we look forward to supporting ING and NetEconomy with the rollout of the solution.”