London (PRWEB) July 26, 2005
WBBS has been a mutual building society for over 150 years, making it one of the oldest in the UK. It employs over 800 staff in its network of more than 50 branches with the majority situated in the West Midlands heartlands of Birmingham and Black Country. WBBS is the 9th largest building society in the UK and has assets of over Â£6billion.
WBBS has been very aware of "know your customer" regulations and the need to strengthen its anti-money laundering procedures. The installation of STB-Detector has enhanced this further.
STB-Detector analyses all daily account movements for suspicious activity, taking data from STB-SuperConsolidator, which provides the linkage to the Society's core systems, including Unisys's UFSS. STB-Detector builds a complete history of individual account activities against which it compares what is happening on those accounts. As well as spotting anything unusual within an account, the system identifies unusual activity across peer groups of similar accounts, providing WBBS with an automatic analysis of everything the system considers unusual. The whole process is then managed by WBBS as a part of its comprehensive anti-money laundering procedures.
By implementing STB's technology, WBBS will see significant improvements in the level of transaction checking performed. This will help WBBS to spot trends or changes in usual behaviour in a way that cannot be achieved purely through manual processes.
Speaking about the implementation, Michael Thomas, Group CEO, STB Systems, said, "We are very pleased to welcome West Bromwich Building Society as an STB client. WBBS can be confident in knowing that they join a client list that clearly shows STB Systems as the UK market leaders in this type of anti money laundering solution.
The flexibility of STB's solution makes it the ideal system right across the financial sector. As WBBS continues to automate and enhance systems and controls throughout their organisation, the consolidated data held within STB-SuperConsolidator may be used for further projects. We look forward to a long & mutually beneficial relationship with WBBS".
Rob Hine, WBBS Information Security Manager, commented, "Without this behaviour monitoring software, suspicious activity can be lost in the detail of transaction reports that do not show changes in behaviour of the operation of an account over a particular period of time. The West Brom is very happy with how STB-Detector works and the benefits it brings to the anti-money laundering process."
About West Bromwich Building Society
West Bromwich Building Society is authorised and regulated by the Financial Services Authority. (http://www.fsa.gov.uk) Reg. No: 104877.
West Bromwich Building Society
374 High Street,
Tel: 0845 330 0611,
Fax: 0121 500 5961
About STB Systems
STB is one of the world's leading vendors of automated compliance reporting and anti money laundering solutions for the financial markets. Founded in 1984, STB is a market leader with offices in London, New York, Hong Kong and Singapore.
STB's solutions are designed to automate the presentation of critical controls that protect banking businesses, handling both internal and external reporting to satisfy relevant regulatory bodies. The company is one of just five recognised by the Bank of England for electronic reporting.
STB's solutions control and consolidate multiple data sources. The use of rules-based technology ensures a stable product, and allows for development of new solutions quickly and efficiently to meet the constantly changing demands of regulatory, management, risk and other compliance reporting.
STB Systems Limited
45 Curlew Street
+44 20 7403 2188
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