Skipton launches online saver and installs Compliance Alert

by Gill Montia

Story link: Skipton launches online saver and installs Compliance Alert

Skipton Building Society has installed new software aimed at detecting money laundering and fraud.

The Compliance Alert software replaced existing manual and in-house systems from late October and was operational for last week’s launch of the building society’s new Internet savings account.

The Online Access account includes a 0.50% bonus for the first six months, giving an initial rate of 6.10%.

Savers will also benefit from any future rate increases, as the account is guaranteed to track the Bank of England’s base rate until the end of 2008.

Online savings accounts are subject to stringent regulatory requirements and Compliance Alert will address these, whilst also integrating CallCredit, which will be used for third party client identification and verification.

The new software has been supplied by Northland Solutions, which focuses exclusively on supplying software to the financial services sector.

Compliance Alert is used by financial institutions at over 60 sites across 25 countries and is specifically aimed at combating money laundering, fraud, internal fraud and countering the financing of terrorism.

Skipton is the UK’s sixth largest building society with 79 branches across the country.

It has 19 subsidiary companies, including Bailey Computer Services, which will also be making Compliance Alert available to its clients.