OLB is a modern, customer-oriented financial institution, with deep roots in northwestern Germany that serves its customers throughout Germany using two brands, OLB Bank and Bankhaus Neelmeyer. An ever-evolving regulatory environment, increased money mule activity across the globe as well as the rapidly changing operating environment all pose growing challenges for financial institutions. OLB decided to face these challenges head on and selected INFORM as an implementation partner.
“One of our main focuses while searching for a new risk and fraud management solution was to consolidate our efforts across multiple channels into one tool and take a more holistic approach”, states Elke Genz, Head of Compliance at OLB. “RiskShield is a holistic package solution which can be used in different application areas. This coupled with the software’s real-time capabilities and the possibility to optimize the system on our own were key factors that helped INFORM stand out as a solution provider”, adds Elke Genz.
RiskShield, a reliable, fast and responsive anti-fraud solution and financial crime management software, will be rolled out in stages at OLB beginning with the AML and watchlist screening solutions, which will replace existing systems. It offers a flexible and highly configurable risk assessment and fraud prevention solution which monitors a variety of products and channels in banking, payments and cards processing services. To equip financial institutions with improved controls in the fight against financial crime it combines software technologies such as machine-learning, fuzzy logic, dynamic profiling and social network detection to closely monitor the behavior of customer accounts and transactions.
OLB pursues a multi-channel approach in the business with retail and business customers, combining regional branch networks with a national digital presence. In the corporate customer sector, the bank operates a regional business for small and medium-sized enterprises, and a higher volume corporate business in which OLB operates throughout Germany and on a selective basis in Austria and Switzerland. In addition, OLB has expertise in specialized areas of lending, such as football financing, acquisition financing and commercial real estate financing. The bank has a capital base of more than one billion euros in core capital.
“We are very happy OLB placed its trust in both our team and the RiskShield product suite”, states Roy Prayikulam, Senior Vice President Risk & Fraud at INFORM. “On the one hand, it is great to see our footprint in our home market grow, and on the other hand, we see a need to further expand our AML efforts here in Germany to help curb the increased money laundering and terrorist financing activity that has been on the rise here in recent years. We are certainly