The Hindu Business Line : 3i Infotech bags 6 deals for Bankalert

3i Infotech has announced it has won six deals for Bankalert, its Anti Money Laundering (AML) and fraud detection software, through the Hyderabad-based SDG Software Technologies, which the former acquired in November 2005.

UTI Bank (India & Singapore), Karnataka Bank, Bank Dhofar (Sultanate of Oman), Alliance Housing Bank (Sultanate of Oman), Abu Dhabi Islamic Bank (UAE) and Permata Bank (Indonesia) would be deploying Bankalert.

The Managing Director of SDG and Head-Capital Market & Anti Money Laundering Solutions, 3i Infotech, Mr Suheim Sheikh, in a statement said, "Globally, the issue of money laundering has grown exponentially and therefore compliance standards have made it imperative for financial institutions to put in place know your customer and transaction monitoring systems."

Warning system

Under the terms of the agreement, these banks will leverage Bankalert to detect fraud and money laundering instances by closely monitoring transaction patterns.

The software functions as a warning system and contains investigative tools, which help in generating alert reports and in-depth analysis, besides enabling behaviour analysis of customers, accounts, products and branches.

3i Infotech expects to launch a broader AML product that while helping existing banking customers will cater to the other sections of the financial services industry.

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