News

Sovereign Bank signs with Fiserv for new fraud-detection platform

June 14, 2009

BROOKFIELD, Wis. — Fiserv Inc. has signed a deal with long-time customer Sovereign Bank to use Fiserv's Predictive Modeling platform, part of its Financial Crime Manager suite.

According to a news release, the Predictive Modeling platform is one example of Fiserv's solutions that identify risk and minimize exposure to avoid losses, while providing a strategic view of risk across multiple business channels. Through its core competency of Risk and Compliance, Fiserv is delivering the tools and expertise banks and credit unions require to mitigate multiple types of risk to remain in compliance with the ever changing regulatory environment, while at the same time staying competitive.

Predictive Modeling offers Sovereign Bank a progressive step toward enterprise fraud management. The platform has an infrastructure that is expansive to multiple payment types and data inputs, and uses advanced decisioning analytics, which can lead to a 30-percent to 40-percent reduction in false positive alerts, compared to current outputs. Sovereign's fraud alerts will now be ranked in order of likelihood of fraud, so that users of the platform can easily manage incidents in priority order.