Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today that the International Bank of Qatar (IBQ), has selected the Financial Crime Risk Management (FCRM) Platform from Fiserv to manage its money-laundering and fraud prevention strategy.
"The bank is growing rapidly and we know that a comprehensive and adaptable fraud and compliance solution is vital to sustainable growth and satisfying regulatory requirements," said Basil Falah, Head of Compliance, International Bank of Qatar. "Fiserv offers IBQ a single solution with a single database to manage all financial crime risk. It is fully equipped with a unique level of flexibility and independence to add or change scenarios in response to ever-changing crime threats."
For IBQ, the vast global experience of Fiserv in mitigating risk related to financial crime was a key factor in the selection. With more than 1,000 financial institutions already using the FCRM Platform worldwide, this knowledge and experience is a vital component of the partnership to help the bank achieve the highest standards of anti-money laundering (AML) compliance and fraud prevention.
"Strong local and global references were vital in helping us make our decision," said Falah. "Fiserv is a well-established global provider of financial services technology and will be a reliable long-term partner as IBQ expands its operations in the coming years."
"Fiserv forged a close working relationship with IBQ during the selection process and we look forward to building on that relationship as we go through implementation and beyond," said Tom Tobin, vice president and general manager, Financial Crime Risk Management, Fiserv. "By providing clients like IBQ with international industry best practices and expert consultants, we can ultimately put them in control of continually evaluating and optimizing their own risk protection as their operations expand and new threats are identified."
The FCRM Platform provides unique abilities for financial crime professionals to effectively and efficiently model, detect, investigate and resolve risks across crimes, channels and product lines. It does so through complex event processing capabilities, designed to address each finnancial institution's unique and evolving set of financial crime threats and business requirements.
Fiserv is trusted to securely process billions of payments every year and to protect the security and integrity of customer accounts, access channels and financial transactions. Fiserv global systems and services for account processing, payments processing and digital banking are used to manage and access more than 55 million consumer accounts and process transactions totaling over $1 trillion per year. As part of this ecosystem, the FCRM Platform is a logical choice for supporting regulatory compliance and fraud prevention.