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NetEconomy customer Abbey is the sixth biggest bank and the second largest provider of mortgages and savings in the UK. It offers a full range of personal financial services both direct and through intermediaries, to more than 18 million UK customers and expatriates.
Abbey’s Challenge
- Reduce investigation of branch/teller manual suspicious activity reports
- Identify false-positive branch/teller SARs
The Solution
NetEconomy’s anti-money laundering solution.
Abbey benefited from immediate results within a short time span.
The combined NetEconomy system at Abbey tracked and closed more than 40 percent of the organization’s SARs without any manual investigation, saving the need to hire extra compliance officers and reducing costs by almost $750,000 ($1.5 million) a year.
"We are pleased with the impressive results from NetEconomy’s Financial Crime Suite solution,” said Amanda Hughes, MLRO, at Abbey. “The accuracy of alerts flagged that could lead to illegal activity is exceptionally high, meaning fewer alerts and more time to spend on transactions that are truly suspicious."
ERASE monitors all of Abbey’s 18 million customers with 23 million accounts, generating over 65 million transactions per month, or approximately 4 million transactions per day from three Abbey banking systems including Cahoot (Internet Banking), Abbey Retail Banking and Abbey National Business Banking.
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