SEB (Progress Apama Complex Event Processing (CEP))

Progress Software Corporation reported that, SEB Estonia, the second in value bank of Estonia, selected the Progress Apama Complex Event Processing (CEP) platform for ensuring visibility of processes from real time and operational reactivity for the purpose of acceleration of identification and warning of fraud.

The Estonian bank SEB belongs to the Swedish bank SEB (Skandinaviska Enskilda Banken SA) and enters into the international SEB Group group (till April, 2005 it was known as Eesti Uhispank.

Earlier this year, SEB Estonia revealed the growing need for faster monitoring of fraudulent activity for the banking systems – for the purpose of detection and fraud prevention in real time. The bank has long-term and very fruitful relations with Progress Software; uses for the main banking systems a product for Progress SonicMQ transmission of messages, the service bus Progress Sonic ESB and an application development platform of Progress OpenEdge, now SEB selected the Apama CEP platform for identification and prevention of fraudulent activity from the banking activity.

The solution Apama CEP will allow SEB Estonia to reveal in real time any unusual actions which can take place in the transactions which are carried out in ATMs (ATM) and in the automated bank clearing services (BACS) and also possible unauthorized access (potential hacking) in banking systems. Earlier in bank there was a group of five employees which was engaged in identification of fraudulent activity and it needed 4-5 hours for check of whether the detected activity is fraudulent inherently. Using the solution Apama, the bank can perform the same operations in 5-10 minutes.

The product Apama allows SEB Estonia to be one step away ahead of swindlers. The data stream of real time will allow bank of a message monitoring of fraudulent activity and to detect them in process of emergence, giving the companies an opportunity to concentrate on customer needs.