MONETA Money Bank Enhances Compliance with LexisNexis Bridger Insight XG
Company Size
1,000+
Region
- Europe
Country
- Czech Republic
Product
- LexisNexis Bridger Insight XG
- LexisNexis WorldCompliance Data
Tech Stack
- SWIFT
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Customer Satisfaction
- Digital Expertise
Technology Category
- Application Infrastructure & Middleware - Data Exchange & Integration
- Application Infrastructure & Middleware - Database Management & Storage
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
- Quality Assurance
Use Cases
- Regulatory Compliance Monitoring
Services
- System Integration
- Training
About The Customer
MONETA Money Bank is a leading Czech bank specializing in consumer finance, with over 200 branches and more than 3,100 employees. The bank has a growing presence in SME lending and also finances cars, machinery, and other equipment. MONETA is committed to providing high-quality financial services and maintaining compliance with regulatory requirements. The bank has been leveraging advanced technology solutions to enhance its operations and ensure robust compliance measures.
The Challenge
MONETA Money Bank has been using LexisNexis Bridger Insight XG for sanctions screening since 2012. In 2016, following a separation from its previous parent company, MONETA began using the Bridger Insight Enterprise version and LexisNexis WorldCompliance Data. The main challenge was to achieve a favorable price/performance ratio while safely relocating the existing solution into local infrastructure. The initial use of WorldCompliance Data led to a significant surge in alerts (around 16K), which needed to be cleared. Additionally, there was an increase in daily portfolio screening and SWIFT screening. After clearing the alert surge and retuning the tool, there was a 10% increase in customer onboarding and SWIFT payments screening, with new matches in PEP batch screening due to the change of data source.
The Solution
MONETA Money Bank implemented LexisNexis Bridger Insight XG with WorldCompliance Data to enhance its compliance processes. The key value of Bridger Insight XG lies in its full integration with the bank's systems, allowing automated screening of prospective customers, related parties, and payments. The tool's automated update process for sanction and PEP lists adds significant value. Bridger Insight XG is interconnected with the local Customer Risk Rating engine, ensuring initial and ongoing customer AML/CTF risk categorization and due diligence. The tool also features a robust case management system with an audit trail, satisfying regulatory requirements and enabling efficient record-keeping of past closed alerts rationales.
Operational Impact
Quantitative Benefit
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