News

Customers in Dubai, Reykjavik opt for Fiserv AML solution

May 9, 2019

Fiserv Inc., a provider of financial services technology solutions, has announced that a payment scheme in the Middle East and a universal bank in Iceland have chosen the company's technology to streamline their anti-money laundering and risk management processes.

Dubai-based Mercury Payment Services and Reykjavik-based Arion Bank will implement AML Risk Manager from Fiserv to address four essential areas of an anti-money laundering risk management program: Know Your Customer; monitoring, detection and alerts; case management; and reporting.

"Financial crime is continually evolving as criminals develop new schemes and ways to execute them," said Andrew Davies, Fiserv vice president of global market strategy for financial crime risk management. "Successful risk mitigation depends on a firm's ability to keep pace with changing conditions and incorporate new intelligence at every step of the process, and that requires adaptive, configurable technology."

"We needed a proven AML platform that would allow us to improve our fraud detection rate while maximizing our team's time," said Nolan Williams, head of financial crime at Arion Bank. "The robust functionality of the Fiserv solution was a draw for us because it meant that we could cut back on manual processes and focus our attention in the areas where we can have the most impact."