Investment bank ABN Amro will next month roll out
technology it originally developed to ensure compliance with
international regulatory requirements to replace its customer
relationship management systems.
The bank is to implement EdgeConnect technology for business
relationship monitoring and filtering, as well as transaction
monitoring and filtering.
The technology from edge IPK was initially trialled by ABN Amro
Trust to enable it to respond more easily to global compliance
requirements where regulators in different jurisdictions often act
quickly to limit international money laundering activities.
EdgeConnect offers a development environment, known as an open
presentation platform, that non-programmers can use to build the
graphical user interface for applications. This enables changes to
user screens to be quickly incorporated to respond to changing
legislation and other business demands. It proved so successful
that, although the bank sold its Trust arm, it will use the
technology across the group.
Butler analyst Michael Azoff said, "Edge IPK provides an open
presentation platform to enable companies to develop software
applications using a 'write once, publish multiple times,'
model."
The system's flexible front-end presentation layer can replace
traditional customer relationship management systems, said Tony de
Bree, the project manager overseeing the deployment at ABN Amro.
Its rules-based technology allowed the bank's trust business to
standardise processes and ensure regulatory compliance in all
jurisdictions while providing each user with a more consistent and
efficient means of working.
De Bree said ABN Amro believed from the outset that developing the
technology to meet compliance requirements and deadlines could
drive business change and generate revenue.
"In financial services, the business partner who can be
customer-intimate and compliant at the same time, at the lowest
possible cost, is likely to have the competitive advantage. This
project has shown cost-effective and innovative ways to do just
that," he said.