Fiserv,
Inc. (NASDAQ: FISV), a leading global provider of financial services
technology solutions, today announced that a payment scheme in the
Middle East and a universal bank in Iceland have chosen Fiserv
technology to streamline anti-money laundering (AML) processes and
effectively manage fraud risk.
Mercury Payment Services and Arion Bank were seeking a provider with
proven expertise and join more than 1,200 organizations worldwide that
rely on AML Risk Manager from Fiserv. Both will implement the solution
to address the four essential areas of an anti-money laundering risk
management program, including Know Your Customer (KYC) requirements;
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, vice president,
global market strategy, Financial Crime Risk Management, Fiserv.
“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.”
Mercury Payment Services, a payment scheme based in Dubai and part of
Network International, LLC, selected AML Risk Manager because it will
enable them to deploy AML capabilities more quickly and take advantage
of Fiserv expertise. Fiserv will manage the solution end-to-end,
including the administration of watch lists and sanctions screening,
helping to reduce overall costs and the need for in-house support. The
fact that AML Risk Manager can handle large transaction volumes and is
compliant with UAE Central Bank guidelines were also important
considerations for Mercury.
“Our rapid growth prompted a reevaluation of our AML strategy, and our
move to Fiserv,” said Deepak Achar, vice president, Mercury Payment
Services. “They listened to us and it was clear they understood our
specific needs. We have a small in-house team and working with Fiserv
enables us to operate more efficiently to detect and prevent fraud more
effectively.”
Arion Bank, a universal bank headquartered in Reykjavik, Iceland, chose
Fiserv as part of an initiative to enhance operational efficiency and
improve AML detection rates. The bank appreciated the advanced analytics
capabilities of AML Risk Manager, which help minimize false positives
and prioritize alerts, so employees can focus on fraud prevention
efforts.
“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, 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.”
In a world moving faster than ever before, Fiserv helps clients deliver
solutions in step with the way people live and work today – financial
services at the speed of life. Learn more at fiserv.com.
Additional Resources:
AML Risk Manager – financialcrimerisk.fiserv.com/solutions/aml-risk-manager
About Mercury Payment Services
Mercury is the domestic
payment scheme of the United Arab Emirates (UAE). Mercury offers
innovative and locally relevant payments solution at affordable prices.
We enable member institutions to issue cards under the Mercury brand
that function securely at ATMs and merchant outlets across the UAE.
Mercury connects consumers, banks, government entities and businesses to
facilitate payments in the region.
About Arion Bank
Arion Bank is a universal relationship bank
operating in the Icelandic financial market, providing services to
corporations and individuals. Arion Bank has been listed on Nasdaq
Iceland and Nasdaq Stockholm since June 2018. The Bank operates a number
of branches across Iceland, a customer service centre, and offers online
and mobile banking, which provides a wide range of self-service options.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) enables clients
worldwide to create and deliver financial services experiences in step
with the way people live and work today. For 35 years, Fiserv has been a
trusted leader in financial services technology, helping clients achieve
best-in-class results by driving quality and innovation in payments,
processing services, risk and compliance, customer and channel
management, and insights and optimization. Fiserv is a member of the
FORTUNE® 500 and has been named among the FORTUNE Magazine
World’s Most Admired Companies® for six consecutive years,
recognized for strength of business model, people management, social
responsibility and innovation leadership. Visit fiserv.com
and follow
on social media for more information and the latest company news.
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