Fiserv Delivers Four New Solutions for Financial Crime Risk Management Platform
Platform facilitates an enterprise wide, customer-centric approach to risk management with new solutions providing measurable ROI for financial institutions
The Check Fraud Manager, Payment Fraud Manager, Customer Risk Manager and AML Risk Manager solutions feature easy-to-use graphical user interfaces. The solutions incorporate real-time behavioral risk monitoring, advanced predictive analytics, real-time profile development on any entity, and user manageable rule and strategy creation to deliver measurable ROI and enable organizations to maintain compliance and assist in improving profitability. Each can be deployed individually, as best-in-class solutions, or in combination for an enterprise approach with a holistic view of a customer's behavior and relationship.
"Industry professionals are increasingly conscious of the impact risk
management has on the customer experience and are seeking
enterprise-wide platforms that work together seamlessly to provide the
highest protection with the least customer impact," said
The new solutions on the FCRM platform include:
Check Fraud Manager - Helping to tackle losses of over
Payment Fraud Manager - ACH fraud accounts for annual losses over
Customer Risk Manager - Financial institutions lose millions of dollars a year from account takeover (ATO) fraud, often using multiple fraud point solutions to attempt to get a complete view of customer risk. Customer Risk Manager provides customer-level profiling and risk scores based on predictive indicators and non-financial event information utilizing a range of the customer relationships with the institution to detect relevant changes in a customer risk profile before a criminal has the opportunity to perform a financial transaction, like an ATO. It can complement other fraud and compliance solutions to increase their effectiveness and reduce false positives.
AML Risk Manager - AML fines are escalating from millions to billions, accompanied by personal liability, business restrictions and costly look-backs. Constant evolving requirements necessitate a user changeable and flexible system in order to avoid costly upgrade and custom services fees. AML Risk Manager introduces powerful new predictive analytics and visualization, behavioral profiling of any entity, real-time fraud detection, the ability to quantify risk mitigation through investigation, and beneficial ownership insight - all with unparalleled configurability by the user to put and keep compliance teams in control.
Grace added, "The financial services industry is in need of breakthrough
flexibility and quicker solutions to more effectively combat financial
In addition to direct installations, these solutions will also be available to select Fiserv account processing clients through a series of incremental releases beginning with real-time responses for WireXchange® transactions with scheduled availability in 2015.
- Financial Crime Risk Management - http://www.financialcrimerisk.fiserv.com/newfac.aspx
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