Anti-money laundering software set to enter Nigeria

Soon Nigerian banks would be able to get early signals about possible money laundering and other financial crimes by their customers to enable such crimes to be nipped in the bud. This follows the impending introduction of software application to check the practice in the Nigerian financial industry by Computer Warehouse Group. The firm would bringing in the product called erase through her software subsidiary, Expertedge Software and Systems, which on Thursday announced partnership with NetEconomy, a UK based IT firm eputed as the world’s leading provider of real time enterprise risk monitoring solutions for the financial industry. Executive Director of Expertedge, Mr. James Agada said the introduction of such a product was inevitable in view of the changes that the country’s banking sector had gone trough and would still be subjected to. He said: “It is clear to us that the net frontier to be conquered is the reduction of fraud in the banking industry. Providers of such solutions are more specialized than the usual banking software vendors.” Pre-Sales Manager for NetEconomy, Simon Richardson, acknowledged Nigeria’s ongoing banking consolidation, and stated that the next question for banks now, would be to curb to a large extent all shades of money laundering that could prevail in the banks, This, he stated, is where the software “Erase comes into play.” Richradson disclosed that the firm’s association with Computer Warehouse, was due to the Nigerian firms proven experience in the banking sector and the fact that it had the expertise in delivering highly complex application made it suited to deliver such a solution the in Nigeria. An important feature of the application according to Agada, is its flexibility which he noted is not designed to be used by the six banks on the Finacle platform marketed by Expertedge, but compartible with other banking applications such as Flexcube, Bank Master, Temenos and others. He added that ExpertEdge was poised to use the product to the Economic and Financial Crime Commission, in reducing the level of fraud going on in the financial industry. NetEconomy currently has 45 customers, in nineteen countries across the world, some of which include Abbey in the UK, Citizens in the US

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