Governance, Risk & Compliance

Governance, Risk & Compliance

December 29, 2011

North American Bank Selects March Networks

A financial institution ranked among the top 15 largest in North America has placed orders totaling more than $2 million with March Networks, the company has announced.

The financial institution plans to pilot the company's Searchlight banking analytics software. To significantly cut losses from ATM skimming, cash harvesting and other theft, the applications layer additional fraud detection and investigation capabilities onto the surveillance systems.

To streamline case management and investigator performance, The March Networks Searchlight portfolio includes Financial Transaction Investigation, which synchronizes ATM and teller transaction records with high-quality video.

“We are pleased to announce new business with this leading financial customer, and look forward to providing the scalable software and business intelligence applications it requires to achieve a significant return on its investment,” said Peter Strom, president and CEO, March Networks in a company press release.

Facilitating banks to proactively detect fraudulent activity at ATMs and strengthen case evidence quickly by correlating facial images, transaction information and license plate data, it also includes powerful Skimming Detection, Image Tracker and License Plate Tracker applications.

To ensure the efficient centralized management of its extensive video surveillance network and to more effectively reduce losses from ATM skimming and other fraudulent activity, the bank continues to deploy the financial solution.

To improve security, fraud investigation and operational efficiency, more than 450 banks and credit unions worldwide currently use March Networks' Financial Solutions, the company stated in a press release.

Recently, the company announced that it has entered into a definitive agreement with Infinova (Canada) and Shenzhen Infinova. In a release dated Dec. 9, the Company said pursuant to the Arrangement Agreement, Infinova will acquire, through a statutory plan of arrangement, all of the issued and outstanding common shares of March Networks Corporation for C$5.00 per share in cash. The total value of the transaction is approximately C$90.1 million, the company stated in a release.

Raju Shanbhag is a contributing editor for TMCnet. To read more of Raju’s articles, please visit his columnist page.

Edited by Jennifer Russell

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