Norkom Technologies has today announced that it is to offer its market leading solutions to IBM System z clients, enabling financial institutions to run their regulatory compliance and fraud solutions on one cost-effective and integrated platform.

Many of the world’s top financial institutions run IBM System z. With Norkom’s Anti-Money Laundering (AML) and Multi-Channel Fraud solutions now available to them, these financial institutions can lower both the total cost of ownership and the costs of overall risk management through a more efficient use of resources - including hardware, fewer software licenses, reduced labour requirements and faster deployment of new services with fewer resources.

“By enabling our end-to-end financial crime and compliance solutions to support the IBM System z operating system, Norkom is committed to helping financial institutions capitalize on new z technologies, and safeguard and leverage their existing mainframe investments - in both hardware and personnel - in the fight against financial crime, whilst maintaining the performance, scalability and robustness they’ve come to expect from the mainframe,” explains Paul Kerley, Norkom’s CEO.

Financial crime costs an estimated $19 billion in losses annually, while, at the same time, operating costs related to regulatory compliance have been growing at a pace of 43 percent year-on-year. Recent research by Norkom Technologies clearly illustrates the plight facing financial institutions, grappling to limit escalating fraud losses and lower the increasing cost of compliance. Norkom’s financial crime and compliance software solutions enable banks to fight financial crime and meet the most stringent demands of regulators. Now, Norkom clients deploying the Norkom solution on System z will benefit from the efficiency, resilience and security that it offers.

“This is a substantial milestone for Norkom,” adds Kerley, “because it’s all about giving financial institutions more value for money – less costs, improved efficiencies and increased risk management.”

Norkom is part of the ecosystem around the IBM Banking Industry Framework, which provides banks access to industry proven data and process models from more than 250 financial institutions so they can safely and securely upgrade their infrastructure on the fly. Banks are seeking ways to work smarter and the combined IBM and ISV solutions offered by the IBM Banking Industry Framework enable banking customers to speed time to market, reduce development risk, lower development costs, and improve their return on investment.

“Technology is an essential component of building a smarter banking system. With an integrated platform to help prevent fraud, financial institutions can more easily fight financial crime and improve their bottom line,” said Karl Freund, vice president IBM System z strategy and marketing. “Norkom is one of many new ISVs making their world class applications available on System z, zLinux and z/OS, the banking industry's gold standard for business-critical applications.”

Norkom Technologies (www.norkom.com):

Norkom Technologies (AIM: NORK.L, IEX: NORK.IE) enables financial organizations to take intelligent action, control defenses, and evolve strategies against fraud, money laundering, and other types of financial crime. Norkom has established a solid track record of reducing financial losses, protecting users’ reputations, improving operational efficiencies and lowering the cost of technology.