Skipton Banks On Compliance Alert For AML And Fraud Detection
Kathryn Payne, Head of Compliance at Skipton, comments: "We chose Compliance Alert because of its outstanding track record in the savings and loans sector and its ability to execute quickly and efficiently. Skipton has a reputation for innovative products and the Compliance Alert implementation underpins regulatory compliance and security on Skipton's entry into one such area - the key online savings market."
Online savings accounts require a speedy and sophisticated level of compliance in order to satisfy regulatory requirements. Skipton's Compliance Alert solution addresses these, providing interfaces to third party solutions including CallCredit for third party client identification and verification.
Skipton's subsidiary Bailey Computer Services, which operates a bureau and managed services business, will also be making Compliance Alert available to its clients.
Northland Solutions managing director Gary Duxbury adds: "The Skipton implementation demonstrates the inherent robustness and flexibility of Compliance Alert, which can assimilate data from many varied sources. Our domain knowledge and commitment to delivery put us in a position to partner with Skipton to address the business needs for enhanced security in this important new online market. That's what underpins our significant success in the mortgage and savings sector where, to date, Compliance Alert is installed at five of the major players in the UK market.
"In addition to the intense focus on compliance within the financial services sector, the function itself is becoming ever more challenging, driven by the pace of product change and the increasingly remote customer base. Compliance Alert is a valuable tool as it enhances the productivity of the prized but time-pressed compliance expert, whilst at the same time satisfying the regulatory requirement for a systematic approach. We pride ourselves on delivery, and whilst other organisations may champion deals signed, we only talk about projects delivered and providing benefit to our customers".
About Compliance Alert
Compliance Alert is a suite of software solutions built on intelligent rules, which take a risk-based approach to protecting financial companies against financial crime. In use globally by financial regulators, the system helps to prevent money laundering, fraud, internal fraud and the financing of terrorism. Compliance Alert is has over 30 customers at 60 plus sites in 25 countries; in addition many of these are regional Hubs covering further territories.
Skipton is the UK's sixth largest building society, with a national presence represented by its 79 branches, covering the country from Aberdeen to Plymouth. An innovator in the field of mortgage and investment products, the Society stands apart from its counterparts as the parent to 19 subsidiary companies, many of which operate in the financial market.
Northland Solutions Limited
Northland Solutions is a software solutions provider focused exclusively on the financial services sector and specifically on: anti-money laundering; fraud; internal fraud and countering the financing of terrorism (CTF). Founded in 2000, Northland Solutions is privately held.