Actu
Skipton Banks On Compliance Alert For AML And Fraud Detection
November 2007 by Marc Jacob
Skipton Building Society, an innovator in mortgage and
investment products, has implemented Compliance Alert from Northland
Solutions as its anti-money laundering and fraud detection solution.
Compliance Alert was chosen in August 2007 after a competitive procurement process to replace existing manual and in-house systems. The deployment went live across the entire business on 22nd October, just seven weeks after commencement. The solution, therefore, was in place to support the launch of Skipton’s new internet savings account which is strategically significant to the society’s online business.
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".
