Fiserv, Inc. (NASDAQ: FISV), the leading global provider of financial services technology solutions, today announced its Financial Crime Risk Management platform has received “Best-in-Class” recognition in Aite Group’s “Global Anti-Money Laundering Vendor Evaluation”. The findings were based on the independent research and advisory firm’s interviews with 18 global anti-money laundering (AML) compliance vendors and 36 financial institutions.
“The AML software market, currently valued at $450 million globally, will grow at a compound annual growth rate of 9 percent, reaching $690 million in 2015. This points to the fact that financial crime and the need for effective technology for its prevention will be rising to the top of the banking agenda over the next few years,” said Julie Conroy McNelley, senior analyst with Aite Group. "Financial institutions need to evaluate their current AML compliance mechanisms to determine whether they have progressed with the changing times to include areas such as case management systems.”
“Increasing regulation, tougher penalties for non-compliance and country-specific and international watch lists are all challenges that banks are grappling with. Criminals are finding new ways to ‘pick the locks’ of financial institutions so it is important that banks stay one step ahead in financial crime prevention,” said John Filby, President, Risk and Compliance Solutions, Fiserv. “Our solution is a critical element of an overall financial crime mitigation strategy – with advanced analytics, flexible case management tools and multi-channel fraud capabilities it can be used for AML only or as an enterprise financial crime management system. We are delighted that Aite has recognized our platform as being an advanced solution in the ever-evolving fight against all types of financial crime."
The Financial Crime Risk Management platform from Fiserv provides a comprehensive portfolio of fraud risk mitigation and anti-money laundering capabilities that can help organizations achieve the ultimate goal of taking the risk out of each and every transaction throughout its lifecycle. The platform can also significantly improve operational efficiency through enhanced detection capabilities, fewer false positives, reduced revenue losses and streamlined workflow.
A core competency of the company, Fiserv offers a unique breadth of Risk & Compliance solutions to help clients optimize usage and return on capital by making risk transparent and actionable within their organization. Solution areas include Financial Crime Risk Management, Financial Risk Management, Financial Performance Management and Financial Control Solutions.