ING Signs Global Contract with NetEconomy to Combat Money Laundering Activities

The Netherlands’ ING Group announced that it has signed an exclusive global contract with NetEconomy, a leader in real-time enterprise risk monitoring solutions for the finance industry, to roll-out a worldwide effort to combat money laundering and ensure compliance.

“The contract covers multiple installations of NetEconomy’s ERASE Compliance Manager Solution,” said the bulletin. “The first system is already accepted at ING Luxembourg earlier this year. Very soon two large-scale ERASE implementations will be started in Belgium and Poland. Moreover, NetEconomy will initiate implementations at ING France and ING New York.”

Klaas de Wit, Senior Compliance Officer of ING Bank noted that “as one of the largest financial services firms in the world, we are committed to adopting superior technology to align with our global efforts to fight financial crime and reduce risk exposure. Therefore, we extensively investigated the anti-money laundering software tools available, even though ERASE was already successfully running at ING Romania, Curaçao [Dutch Antilles] and The Netherlands. The results have given us the assurance and confidence we need, to proceed with NetEconomy and to extend ERASE across our banking institutions worldwide.”

“Anti-money laundering has become a key issue for financial institutions,” stated Robin Bodaan, ING Global Account Manager of NetEconomy. “We are very pleased to be selected by ING, after a rigorous procurement process, as their preferred choice for managing their global anti-money laundering. Since NetEconomy is based on Microsoft technology, ING also benefits from a cost effective ERASE solution which is scalable for every type of their global bank environment and can easily handle millions of transactions.”

Willem Blanken, Director Enterprise en Partner Group at Microsoft Netherlands said his firm believes “that the combination of NetEconomy’s technology and Microsoft’s mission critical platform – Windows Server and SQL Server – will provide ING with a cost effective, scalable and flexible solution.