LONDON & BROOKFIELD, Wis.--(BUSINESS WIRE)--
Inc. (NASDAQ:FISV), a leading global provider of financial services
technology solutions, today announced that LuLu
Exchange, which provides cross-border remittance, currency exchange
and other financial services for consumers and businesses, has selected
Fiserv to enhance its financial crime prevention capabilities and enable
its expansion into new markets.
LuLu Exchange will implement a cloud-based version of AML Risk Manager
from Fiserv. The anti-money laundering solution utilizes sophisticated
techniques such as machine learning to detect suspicious transactions,
leading to more accurate fraud detection and fewer false positives. This
helps to eliminate the inconvenience and delay caused when legitimate
transactions are flagged for investigation, benefitting both customers
and staff by facilitating a better experience and more efficient
Launched nine years ago in Abu Dhabi, Lulu Exchange is today one of the
largest financial services companies in their market and has more than
170 branches worldwide. The business currently operates in Oman, Kuwait,
Qatar, Bahrain, India, Philippines, Seychelles, Hong Kong and Ireland,
and is expanding across the Asia Pacific region and Europe. The
experience of Fiserv in the Gulf Cooperation Council (GCC) region and
globally was a key factor in their selection, as LuLu Exchange will rely
on the expertise of Fiserv as it moves into new markets.
"Our ongoing expansion prompted an evaluation of our AML strategy," said
Christos Christou, Chief Compliance Officer, LuLu Exchange. "Since we
are expanding in Asia Pacific and Europe, we wanted a partner that will
provide us not only the technology but also the know-how to mitigate
risks in these ‘new to us' markets. We were impressed with Fiserv and
their financial crime investigation platform, which, in our view, is a
user-friendly, stable, fast and well-developed tool for detecting,
investigating, and assessing AML risks."
AML Risk Manager provides advanced customer risk profiling, risk
scoring, transaction monitoring and know your customer (KYC)
capabilities. Leveraging dynamic inference techniques and visualisation
tools, AML Risk Manager offers behavioural profiling, the ability to
quantify risk mitigation through investigation, and beneficial ownership
insight. The solution is configurable, enabling the LuLu Exchange
compliance team to be in complete control of the system. This will help
increase efficiency, as it offers essential flexibility for the team to
use the system without the need for IT or vendor support.
"Anti-money laundering technology has an impact on the day-to-day work
of staff who are tasked with ensuring compliance and mitigating risk, as
well as on customers whose transactions can be affected," said John
Smith, managing director, EMEA, Fiserv. "We look forward to supporting
LuLu Exchange as they expand into new markets and to providing their
team with greater efficiency in managing a growing volume of customer
transactions and alerts so they are able to serve customers with the
speed, ease and convenience they expect."
In a world moving faster than ever before, Fiserv helps clients deliver
solutions that are in step with the way people live and work today -
financial services at the speed of life. Learn more at fiserv.com.
About LuLu Exchange
LuLu Exchange is a non-banking financial group and is a leading name in
their market, primarily dealing in global money transfer, foreign
currency exchange, and other services. LuLu Exchange has its global
headquarters in Abu Dhabi and operates currently 170+ branches out of
nine countries worldwide. The organization is supported by liaison
offices in India and Bangladesh to facilitate smooth functioning of the
group's remittance business operations and provide seamless service to
its customers. A leader in technological implementations, LuLu Exchange
is investing heavily in innovative and leading solutions so as to
support its large customer database and apply imminent controls
throughout its business workflow. For more information visit luluexchange.com.
Fiserv, Inc. (NASDAQ:FISV) enables clients worldwide to create and
deliver financial services experiences that are in step with the way
people live and work today. For more than 30 years, Fiserv has been a
trusted leader in financial services technology, helping clients achieve
best-in-class results by driving quality and innovation in payments,
processing services, risk and compliance, customer and channel
management, and insights and optimization. Fiserv is a member of the
FORTUNE® 500 and has been named among the FORTUNE Magazine
World's Most Admired Companies® for four consecutive
years, ranking first in its category for innovation in 2016 and 2017.
For more information, visit fiserv.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171227005104/en/
Director, Public Relations
Director, External Communications
Source: Fiserv, Inc.
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