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Monday, Mar 15, 2004

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Money & Banking - Software

SDG software to help banks know customers better

V. Rishi Kumar

Hyderabad , March 14

SDG Software Technologies, a company focusing on banking and financial services industry and stock markets, has developed BankAlert, an anti-money laundering, compliance and business intelligence software.

The software will helps banks meet the requirement for the KYC (know your customer) initiative and the company is targeting the emerging opportunity in this space.

The Managing Director of SDG Software, Mr Suheim Sheik, recently told Business Line that the banking industry was undergoing a major change faced with challenges of curbing the menace of money laundering. "BankAlert is an early warning system that enables banks and financial institutions to generate several useful MIS (management information system) and BI (business intelligence) reports," he stated.

The company's BankAlert bagged the special jury award instituted by the Hyderabad Software Exporters Association recently where the jury was headed by consultant Ernst & Young.

This product helps banks detect fraud and money laundering instances by closely monitoring transaction patterns, design their KYCprogramme, check against patterns while meeting the challenge of complying with growing regulatory requirements and automate the reporting process.

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