NetEconomy announced Tuesday that it has agreed to team with HSData to offer a joint crime management solution in the Cypriot region.
Under the agreement, HSData will offer sales operations and technical support in Cyprus to assist NetEconomy in addressing the region’s growing demand for financial crime management that can reduce money laundering and fraud while also providing market surveillance.
The agreement marks the first of several joint implementations in the region, which began in July at the Bank of Cyprus. Other ventures to follow include ones at Hellenic Bank, Laiki Group, Emporiki Bank and Universal Bank.
The multi-phase delivery approach will implement NetEconomy’s ERASE Compliance Manager for anti-money laundering transaction monitoring and SIDE’s SafeWatch for real-time watch list filtering.
“HSData is an established leader and a natural partner, serving the largest financial institutions in Cyprus,” says Peter Kwakernaak, vice president of sales and marketing for NetEconomy. “Our partnership will support our growth in Cyprus and offer our five new customers highly effective solutions and compliance safeguards that are vital to banks in this region.”