Premium Bank will implement FICO® Siron® software for compliance solutions

• Premium Bank, the leading bank in Azerbaijan's air transport service sector, is going to use FICO's leading software to optimize compliance processes.
• FICO's certified partner RDTEX has already launched the system implementation.

Premium Bank has already launched a project to implement FICO® Siron® software. The Bank will use the functions of FICO® Siron® to monitor customer behavior and their operations (Siron®AML), customer risk assessment (Siron®KYC) and real-time screening of customer payments with sanctions lists (Siron®Embargo).

"The risk of financial crimes in the global world is quite high, and any bank can be exposed to these risks. When banks have internal control mechanisms, they can be optimally protected against relevant risks and minimize them to a minimum. Premium Bank OJSC has launched FICO Siron® software, one of the world's leading software, to minimize these risks and meet regulatory and international requirements in the field of compliance. The implementation of this program will allow the bank to monitor customer transactions in real time, assess customer risks, as well as develop correspondent banking relationships. We thank our partners FICO TONBELLER and RDTEX for providing such effective solutions for our bank", Premium Bank officials said.

"It is not the first year we have been working with Azerbaijan's financial sector, so we see the banks pay more and more attention to minimizing risks related to compliance, and automating the respective processes. Premium Bank's main objective in this respect is to smoothly transition to an integrated approach in compliance management", said Anna Dmitrakova, Director of Financial Solutions Sales Department, RDTEX. "We are happy to offer the bank our long-year expertise and competence in creating dependable automated systems so that it can secure banking operations and comply with regulatory requirements."

FICO® Siron® includes a full range of modular solutions with extensive functionality, which satisfies customers' requirements and allows to combat money laundering and terrorist financing. The modularity of the solution allows you to vary product combinations. This enables firms to get tailor-made solutions against money-laundering, fraud, terrorist financing, and to comply with both internal demands and regulatory requirements.

 

About Premium Bank

Established in 1993, Premium Bank is one of Azerbaijan's most reliable banks. Its good standing attracts customers who wish to protect and augment their savings, as well as to benefit from quality banking services. OJSC Premium Bank continuously implements the strategy, aimed at establishment of a nation-wide universal financial institution, and provides services to customers of all types.

Besides, one of our core activities is corporate services. We are vigorously developing our branch network as we strive to satisfy our customers’ needs in the best way possible. For this reason, our customers can at any time benefit from the most cutting-edge and quality banking products and services that are up to the highest global standards.   The development of retail business is an issue of paramount importance to us. The bank is actively interacting with the community, offering various types of deposits and loans.

 

About RDTEX

RDTEX was established in 1992 and for 30 years has been executing projects that improve efficiency and competitiveness of its customers' businesses. Services delivered by RDTEX include development and implementation of information systems, management consulting and technological consulting.

RDTEX has successfully completed more than 750 projects that embrace the development of unique information and analytical solutions as well as generic solutions for large state and commercial organizations. These solutions are based on software products from major vendors in the enterprise software market: ABBYY, Arenadata, FICO, Huawei, IBM, Informatica, Microsoft, Oracle, PIX Robotics, SAS, TmaxSoft, UiPath, Sherpa Robotics.