Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today that its Financial Crime Risk Management (FCRM) platform has been awarded a “Best-in-Class” rating in the Enterprise Support category in the CEB TowerGroup 2012 Anti-Money Laundering Technology Review.
“There are two relentless forces in the anti-money laundering space: the criminals who are launching increasingly sophisticated and far-reaching attacks and the regulators charged with stopping them,” said CEB TowerGroup research director Andy Schmidt. “For the financial services institutions caught in the middle, this requires a solution mature enough to support the entire business, scalable enough to accommodate continued transaction growth and useable enough to facilitate streamlined workflow management.”
The FCRM platform also received high marks for front-end usability and back-end configurability. The report highlighted that CEB TowerGroup analysts were impressed by the layout of the interface, which facilitates streamlined workflow management.
Fiserv was also highly ranked in the Detection Tools category, where the combination of behavioral profiling and analytics-based approaches in combination with flexible rules to identify potential money laundering behavior were highlighted as key strengths.
“Increasing regulatory expectations, tougher penalties for non-compliance and country-specific and international standards are all challenges that financial institutions are grappling with. Criminals are finding new ways to ‘pick the locks’ of institutions so it is important that institutions stay one step ahead of financial crime patterns,” said Mike Urban, director, Financial Crime Risk Management Solutions, Fiserv. “Our solution is a critical element of an overall financial crime mitigation strategy – with advanced analytics, flexible case management tools and multi-channel capabilities it can be used to combat anti-money laundering as well as an enterprise solution against fraud and other types of financial crime. We are delighted that the CEB TowerGroup has recognized our platform as being an advanced solution in the ever-evolving fight against financial crime.”
Financial Crime Risk Management is part of the Risk and Compliance core competency from Fiserv through which the company offers a unique breadth of solutions to help clients optimize usage and return on capital by making risk transparent and actionable within their organizations. Solution sets in the Risk and Compliance core competency include Financial Crime Risk Management, Financial Risk Management, Financial Performance Management and Financial Control Solutions.
Fiserv press release link: click here