Head of Communications
The VTB Bank (Germany) AG (former Ost-West Handelsbank AG) located in Frankfurt uses Name Matching from Bosch Software Innovations for identifying Politically Exposed Persons (PEPs) and other persons at risk.
Immenstaad (Germany), 06/04/2009 -
The VTB Bank (Germany) AG compares its customer data against internal and external sanctions lists with names of PEPs and persons at risk. They use the product Name Matching Customer from Innovations Software Technology. In addition to the actual name matching, the software solution makes it possible to compare list entries in both Latin and Cyrillic.
The VTB Bank focuses on German-Russian trade relations, handling their business clients' bank transactions with partners in Russia and other states in the Commonwealth of Independent States (CIS), participating countries in the former Soviet Union. During name matching VTB combines external data sources with in-house black lists, which are in Latin or Cyrillic lettering, depending on the source.
Name Matching Customer compares customers' last names, first names, date of birth and domicile with possible entries in sanctions lists. Severe and fuzzy comparison algorithms are used to recognize typographical errors or different spellings.
The installation at VTB Bank is characterized by some of the sanctions lists having Cyrillic lettering. In order to make a successful comparison of customers to the entries, the names are imported in the software in Latin as well as Cyrillic lettering. Then both spellings are being checked.
Following a six-month vetting selection process, VTB Bank chose the product Name Matching Customer. "The 100% coverage of functional and technical requirements, as well as user friendliness, was crucial to the decision," explains Heiko Unverzagt, Head of Information Technology.
For the future VTB Bank, which is based in Frankfurt, Germany, plans to provide Name Matching to other members of the VTB Group. In Austria Name Matching will be used soon, and France is considering adopting it.
The German VTB Bank is a member of VTB Group, as is the Russian VTB Bank which is the core of the group as well as the second largest bank and the biggest export bank of the Russian Federation. For more than 35 years VTB Bank has been among the leading financial institutions in consulting and processing of German-Russian trade relations. At this point in time the bank has a network of 450 banks (and continuously expanding) in Russia and the CIS alone. That makes transactions even to remote areas within the CIS possible.
© Bosch Software Innovations GmbH