Fiserv wins 'best-in-class' for anti-money laundering tool

 
Feb. 19, 2013

Financial technology provider Fiserv Inc. announced its Financial Crime Risk Management platform has won the "Best-in-Class" rating in the Enterprise Support category in the CEB TowerGroup 2012 Anti-Money Laundering Technology Review. The FCRM platform also received high marks for front-end usability and back-end configurability, Fiserv said.

"Our solution is a critical element of an overall financial crime mitigation strategy — with advanced analytics, flexible case management tools and multichannel capabilities, it can be used to combat anti-money laundering as well as an enterprise solution against fraud and other types of financial crime," said Mike Urban, director of financial crime risk management solutions at Fiserv. "We are delighted that the CEB TowerGroup has recognized our platform as being an advanced solution in the ever-evolving fight against financial crime."

CEB TowerGroup analysts also say they were impressed by the layout of the FCRM platform's interface, Fiserv noted.

The company said it was also highly ranked in the Detection Tools category. Strengths highlighted by CEB TowerGroup included the combination of behavioral profiling and analytics-based approaches in combination with flexible rules to identify potential money laundering behavior, Fiserv said.

"There are two relentless forces in the anti-money laundering space: the criminals who are launching increasingly sophisticated and far-reaching attacks and the regulators charged with stopping them," said CEB TowerGroup Research Director Andy Schmidt. "For the financial services institutions caught in the middle, this requires a solution mature enough to support the entire business, scalable enough to accommodate continued transaction growth and useable enough to facilitate streamlined workflow management."

The Financial Crime Risk Management solution is part of the Risk and Compliance core competency from Fiserv that also includes Financial Risk Management, Financial Performance Management and Financial Control Solutions.

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Topics: Bank Security , Security


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