Financial services
Triodos Bank tougher with NetEconomy
19 February 2008
Triodos Bank has chosen to implement NetEconomy’s Compliance Manager financial crime solution. The system is expected to help Triodos to improve and automate watchlist checking, ‘know your customer’ procedures, and the monitoring of customer behaviour and financial transactions to mitigate fraud, money laundering and terrorist financing activity.
Triodos Bank states its mission as “[to]finance companies, institutions and projects that add cultural value and benefit people and the environment, with the support of depositors and investors who want to encourage corporate social responsibility and a sustainable society”.
Triodos offers a range of banking services for its customers including savings, investment and asset management, private banking, payment services, lending and insurance. NetEconomy’s Compliance Manager solution will monitor Triodos customers across these product lines within a hub environment covering Germany, Spain, the United Kingdom, Belgium and the Netherlands to identify and report suspicious activity.
“We selected NetEconomy for the flexibility and robustness of its solution, and also the responsiveness and vast compliance and financial crime experience of its staff,” said Albert Hollander, group legal and compliance officer of Triodos. “We are confident that together with NetEconomy’s skilled team and configurable future-proof solutions we can prepare for any new regulatory changes or requirements while at the same time continue to safeguard our customers and our organisation.”
“We are extremely pleased to be selected by a bank whose mission is to enable individuals, institutions and businesses to use money more consciously in ways that benefit people and the environment,” said Peter Kwakernaak, chief commercial officer of NetEconomy. “Delivering our industry-proven solution to a financial institution like Triodos, is an honour and privilege for NetEconomy. We look forward to our work together to implement a premier solution to minimise regulatory risk and fight the threat of financial crime across their complex environment”.