Compliance technology drives business change at ABN Amro

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.

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.

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