Skipton Building Society is using the Compliance Alert system, which replaces manual checks, to support its new internet savings account.
Compliance Alert aims to take a risk-based approach to protecting banks and building societies from financial crime.
Online savings accounts require a particularly speedy and sophisticated level of compliance in order to satisfy regulatory requirements. Northland believes Compliance Alert meets these needs by providing interfaces to third party solutions like CallCredit, which allows third party client identification and verification.
Kathryn Payne, head of compliance at Skipton, said, “We chose Compliance Alert because of its outstanding track record in the savings and loans sector and its ability to execute quickly and efficiently”.
