ASPIS Bank deploys Sword FircoSoft's filtering solution
Press Release
Paris – May, 15th 2009 – Sword FircoSoft, the leading global provider of watchlist filtering solutions, today announced that ASPIS BANK, a Greek medium-sized retail and commercial bank, has deployed their Firco Filtering Suite.
In a report published in June 2007, the Financial Action Task Force (FATF) made an evaluation of Greece’s Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) actions. The FATF highlighted the fact that Greece does not meet the standards of an efficient and compliant AML/ATF fight. The Bank of Greece has therefore introduced new measures targeted to Financial Institutions and has issued more comprehensive requirements. In order to comply with these new requirements, ASPIS BANK opted for Sword FircoSoft’s Firco Filtering Suite, for the filtering of both its SWIFT transactions and customer database.
Firco Filtering Suite helps ASPIS BANK to eradicate the risk of processing illegal SWIFT transactions and doing business or starting a business relationship with high-risk individuals and counterparties. Sword FircoSoft’s solution met perfectly ASPIS BANK’s need for a solution capable of filtering data in Greek alphabet against data in Latin. Plugged into SWIFTAlliance Access through the ADK plug-in, Firco Continuity allows ASPIS BANK to filter in real-time an average of 200 SWIFT Payments messages per day against official European Union and OFAC lists. Firco Trust helps ASPIS Bank enhance their Customer Due Diligence policy, by filtering customer and counterparty information and detects risky financial customers and counterparties.
“We are glad to welcome ASPIS BANK as a new customer. Our smooth collaboration contributed in a quick deployment of the solution and ASPIS BANK was able to start filtering its customer database in 10 days”, says Laurent Corbel, Sales Director, Sword FircoSoft.
“Professionalism and effectiveness are the characteristics of our implementation experience with Sword FircoSoft. Their highly intelligent and user-friendly software is our new shield against financing of terrorism”, adds Dimitrios Margetis, Compliance Officer, ASPIS BANK and member of the implementation team.
About ASPIS BANK
ASPIS BANK was established in 1992 by Pavlos D. Psomiades and the insurance company AEGON. It was the first private mortgage bank in Greece, registered in the Companies Register under no. 6699/06/B/92/12 and its registered offices are in the Municipality of Athens, at 4, Othonos Street, 105 57. The Bank’s operations are governed by the provisions of Law 2190/1920 on Companies and the provisions of the special laws on Credit Institutions. The Bank expanded its scope and transformed to
a Commercial Bank in 2001.
ASPIS BANK is currently the eleventh-largest bank in Greece, rated B+ by Fitch Ratings. The Bank is listed in the Athens Stock Exchange since 1998. Aspis Pronia, one of the largest domestic insurance companies, and its various affiliates, are the bank’s majority owners. ASPIS BANK has so far focused on the Greek domestic market with 73 branches and 1,044 staff (on a group level).
ASPIS BANK offers the full range of banking services to both retail and corporate clients through its 3 business units: retail banking; corporate banking; and financial services (essentially brokerage and asset management) unit. Through specialized subsidiaries the Bank offers insurance brokerage (Aspis Insurance Brokerage S.A.), financial and operating leasing (Aspis Leasing S.A., Aspis Credit S.A) and fund/asset management services (Aspis International Mutual Fund Management Company). Originally a pure mortgage bank with expertise in its niche mortgage market, ASPIS BANK has in the recent years expanded into consumer and SME lending market –business areas where it is mostly active-.
ASPIS BANK continuously invests in its branch network and distribution channels modernization; IT systems upgrade; and risk management in order to improve efficiency and productivity.
About Sword FircoSoft
Over 335 financial institutions in more than 55 countries (representing over 650 sites) are already benefiting from the #1 watch list filtering solution* provided by Sword FircoSoft.
Sword FircoSoft, provider of multi-alphabet ready filtering solutions, also offers best-in-class straight through processing and business intelligence solutions.
* ranking by Celent since 2003