NetEconomy in Gartner’s 2007 Hype Cycle Report for Banking and Investment Services Risk and Compliance
New report indicates real-world benefits of anti-money laundering technology
The Hague, The Netherlands, August 2, 2007
NetEconomy, the global leader in financial crime management and compliance solutions, and a business unit of Fiserv, Inc. (NASDAQ: FISV), today welcomed Gartner Research’s positioning of Anti-Money Laundering (AML) in the “plateau of productivity” in its recently published report “Hype Cycle for Banking and Investment Services Risk and Compliance, 2007.” The plateau of productivity, according to Gartner, represents mainstream adoption when real-world benefits of technology are demonstrated and accepted. Gartner’s Hype Cycles assess the maturity, adoption speed, and business application of technologies across a broad range of technology, application and industry areas.
“Many banks, in particular, face detailed AML compliance responsibilities for each jurisdiction in which they operate,” states Gartner in this report, “and they must balance the sometimes conflicting needs for data privacy, financial crime detection and cost containment.”
In commenting on the business impact, Gartner states: “covered entities are required to understand their customers’ behavior well enough to detect suspicious activities. Emphasis will shift from purely compliance-oriented tools to a more refined business intelligence approach. Increased understanding of customer behavior may be transformational to banks.”
Classified with a business benefit of “high,” Gartner goes on to advise that “systems must be upgraded to reflect changes in criminal behavior, shifts in enforcement emphasis and ever-tightening regulations.”
“We are pleased with Gartner’s positioning of AML technology within the Plateau of Productivity, recognizing the real-world benefits of solutions, such as NetEconomy’s, to drive mainstream adoption.” said Richard McCarthy, vice president, product marketing of NetEconomy. “AML solutions are becoming increasingly more sophisticated, flexible and adaptable to address new forms of crime and regulations across multiple jurisdictions. With NetEconomy’s solutions it is critical that we address these challenges to safeguard our customers today and into the future.”
NetEconomy, based in The Hague, with offices in London, Paris, Boston, New York, Sydney, Shanghai, and Kuala Lumpur, Malaysia, and distributors and strategic partners across South Africa, Australia, Europe, Southeast Asia, and the United States, is the leading provider of financial crime management and compliance solutions. With over 130 implementations across 58 countries, NetEconomy brings business value to its worldwide client base through its personalized customer approach for minimizing regulatory risk, delivering measurable results, and protecting corporate brand and reputation. For more information, please visit www.neteconomy.com. For more information on NetPractice, visit www.netpractice.org.
About Fiserv, Inc.
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, provides information management systems and services to the financial and insurance industries. Leading services include transaction processing, outsourcing, business process outsourcing (BPO), software and systems solutions. The company serves more than 18,000 clients worldwide and is the leading provider of core processing solutions for U.S. banks, credit unions and thrifts. Fiserv was ranked the largest provider of information technology services to the financial services industry worldwide in the 2004, 2005 and 2006 FinTech 100 surveys. Headquartered in Brookfield, Wis., Fiserv reported more than $4.4 billion in total revenue for 2006. For more information, please visit www.fiserv.com.