Norkom Technologies (NORK.L) said Thursday that it will deliver new Financial Crime and Compliance, or FCC, software solutions to the world's leading financial institutions jointly with International Business Machines Corp. (IBM). Announcing this partnership, the Dublin, Ireland-based company stated that the solutions would combine the expertise of IBM's Global Business Services with Norkom's FCC software.
According to Norkom, the financial services industry experiences an estimated loss of $19 billion every year due to financial crimes. Adding to their woes is a fluid regulatory environment that has led to a 43% increased in operational costs per year.
Norkom noted that the IBM agreement covers software development, marketing and sales. Norkom and the Armonk, New York-based IBM have also committed to develop new and innovative solutions to help meet client needs. Norkom already works with clients such as HSBC, Credit Agricole, ANZ, American Express, and Washington Mutual to meet their business and regulatory requirements.
Commenting on the agreement Norkom's Chief Executive Officer Paul Kerley said, "Working with IBM will enable us to further expand our global footprint and enter new markets and geographies through IBM's vast network of global relationships."
Kerley added, "Together with IBM, Norkom will deliver solutions, developed on leading-edge platforms, which will help financial organizations comply quickly and affordably with regulatory requirements and defend against operational and reputation risk and loss posed by external and internal financial attacks."
IBM closed Wednesday's regular trading on the NYSE at $111.47, down $4.58, or 3.95%, with a volume of 12.30 million shares.
On the LSE, NORK.L closed last traded on August 26 at 103.00 pence, down 3.38 pence, or 31.8%, with a volume of 2,470 shares.
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