Raiffeisen Zentralbank Osterreich, one of Austria’s leading
banks and a major industry player with operations across 16 Central and
Eastern European markets, has adopted financial crime and compliance
software from Norkom Technologies to support its enterprise-wide
Starting June this year, Norkom’s software will be rolled out across the
group’s 17 banking operations to conduct real time monitoring and
analysis of every transaction and customer interaction across the
group’s entire customer base.
Using sophisticated matching techniques, the Norkom solution will
automatically alert RZB if any entity attempting to transact with it is
listed on any of the industry’s numerous and diverse watch lists, thus
protecting the bank from exposure to sanctions and from inadvertently
conducting business with known or suspected criminals and terrorists.
The Norkom solution also enables RZB to streamline its watch list
management processes through the automation of some of the traditionally
manual administrative tasks on which investigators spend much of their
This will allow RZB to achieve substantial efficiencies within its
operation, supporting the corporate need for efficiency and accuracy.
According to research by the TowerGroup, 84% of a financial
institutions’ compliance costs are driven by administration – costing
the industry an estimated $320 billion annually. The research shows
that, by applying technology, overall costs can be reduced by a minimum
of 15% (TowerGroup September 2005). RZB selected Norkom after a thorough
A critical factor in its selection was the flexibility of Norkom’s
technology platform and its ability to address other types of financial
crime, such as money laundering or fraud, without major investment in
additional or new software. This provides RZB with the security of
knowing that it can evolve its use of the Norkom platform as business
needs change and grow.
The agreement with RZB further consolidates Norkom’s position in the
European market, where it is already involved in multi-country
deployments with Erste, Fortis, KBC and Rabobank.
“RZB’s partnership with Norkom is evidence of our leadership in the
European market and the market’s growing appetite for an enterprise-wide
approach to financial crime and compliance,” says Norkom’s CEO, Paul
Norkom was recently named ‘Best Technology Solution’ in Complinet’s
annual compliance awards and by the analysts, Celent, in their
comprehensive review of the AML vendor landscape.
“In both cases,” concludes Kerley, “our technology’s ability to address
a breadth of financial crime and compliance challenges across different
geographies and business operations was cited as its key strength.”