IBM partners for financial crime and compliance solutions

VIENNA, Austria: Norkom Technologies said it is partnering with IBM to deliver new Financial Crime and Compliance (FCC) software solutions to the world's leading financial institutions.

Announced at SIBOS, the financial services industry's premier annual event, the solutions will combine the expertise of IBM's Global Business Services and Norkom's FCC software. Under the terms of the agreement, which spans software development, marketing and sales, both organizations have committed to develop new and innovative solutions to help meet client needs. To fuel this development, the two companies have already aligned research and development around the IBM InfoSphere Entity Analytic Solutions (EAS) portfolio including the IBM Relationship Resolution product.

The financial services industry experiences an estimated $19 billion in losses each year due to financial crimes. Compounding these losses is a fluid regulatory environment that has driven up operational costs by 43 percent annually.

Norkom works with clients such as HSBC, Credit Agricole, ANZ, American Express and Washington Mutual to meet their business and regulatory requirements, states a press release. Over the past two years, Norkom has enjoyed tremendous worldwide success and expansion into Australia, Asia and the Middle East, building on its market leading position in North America and Europe.

"Our customers face monumental challenges for evolving risk management requirements and to defend against illegal activities. Incremental, siloed investments are expensive and ineffective in dealing with the growth and sophistication of multi-channel threats,' said June Felix, general manager, global banking and financial markets, IBM.