Fiserv (NASDAQ: FISV), a leading global provider of financial services technology solutions, today announced that the latest release of its Financial Crime Risk Management (FCRM) platform provides new capabilities to further strengthen its solution portfolio for the global insurance industry.
In addition, Fiserv announced several major insurance firms have implemented its FCRM platform, further validating the FCRM vision of leveraging a holistic platform to effectively and efficiently detect, investigate and mitigate a variety of financial crime risks.
The new version of FCRM from Fiserv now supports automated generation, population and validation of Suspicious Activity Reports (SAR) per the new e-filing specifications now mandated by the Financial Crimes Enforcement Network (FinCEN), all from its integrated end-to-end monitoring and investigation environment. This is particularly relevant for firms with U.S. operations and insurance products covered by AML regulations.
"Our insurance clients have been successful in the use of the FCRM platform, with several implementations quickly moving beyond the initial AML and sanctions deployment to address risks like agent fraud, market misconduct and healthcare claims fraud, with minimal additional investment," said Tom Tobin, vice president and general manager, Financial Crime Risk Management, Fiserv. "But examiner expectations for existing regulations like AML are growing, and new regulations like FATCA also call for client-centric monitoring capabilities. It is good to see more insurance firms recognizing our proven technology, expertise and results for monitoring across complex life, annuity, group benefits and other wealth management products."
The latest release of the FCRM platform from Fiserv also introduces a new product called FATCA Manager, a monitoring and control solution that financial institutions can use to efficiently meet key requirements of the Foreign Account Tax Compliance Act (FATCA).
The latest release of FCRM is available now, and also offers a number of smaller enhancements around usability, deployment and security. In addition to insurance companies, the platform is also used around the world by hundreds of financial institutions.
Financial Crimme 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.