Fiserv releases four new modules for financial crime platform

Source: Fiserv

Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, today announced the launch of four new solutions on its Financial Crime Risk Management (FCRM) platform.

These new solutions bring to market unique capabilities for financial crime prevention professionals to more effectively detect, investigate and resolve the most significant crimes affecting financial services companies across the globe.

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 Tim Grace, senior vice president and general manager, Financial Crime Risk Management, Fiserv. "Organizations also want platforms that are flexible enough to accommodate new strategies without incurring significant customization costs. Our new solutions and Financial Crime Risk Management platform facilitate a customer centric, enterprise approach in risk management."

The new solutions on the FCRM platform include:

Check Fraud Manager -Helping to tackle losses of over $7 billion in check fraud in the U.S. alone, Check Fraud Manager incorporates new predictive analytic models built on millions of examples of checking transactions. It incorporates signature analytics and real-time decline capabilities for items presented at the teller window and via Remote Deposit Capture (RDC). Automatic hold decisions can be executed in real-time based on the institution's hold strategies and the customer's risk profile.

Payment Fraud Manager - ACH fraud accounts for annual losses over $1.2 billion, while wire fraud is the number one global concern for fraud executives. Delivering real-time responses for wire, ACH, SEPA, SWIFT and emerging real-time payment networks, Payment Fraud Manager uses advanced predictive analytics and scorecards to focus fraud investigators on the highest risk transactions.

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 crimes. Fiserv has developed these new solutions to integrate best-in-class predictive analytics with the agility that financial institutions require to respond in real-time to changes in behavioral patterns. Together, these new capabilities and solutions help improve loss rates and operational efficiency, which can positively impact the bottom line and increase customer satisfaction."

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(R) transactions with scheduled availability in 2015.

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