Fiserv Introduces Innovative Software Hub to Enhance Enterprise Fraud Protection

16 September 2008

Fiserv, Inc. (NASDAQ: FISV), a leading provider of information technology services to the financial industry, today announced the introduction of its new Enterprise Risk Service (ERS), a software connectivity hub designed to enable value-added alert transfers among the products within Fiserv’s comprehensive portfolio of anti-fraud and anti-money laundering solutions. Benefits for clients include improved detection capabilities, fewer false positives, reduced revenue losses, improved efficiencies and work prioritization, and lowered total cost of ownership.

“Financial industry trends point to the benefits of sharing information across risk silos for improved efficiencies, business insight and competitive advantage. With Fiserv’s new Enterprise Risk Service, our customers can seamlessly integrate alerts from disparate fraud and anti-money laundering silos to improve risk protection,” said Sebastian Kuntz, president of Fiserv Fraud and Compliance Solutions. “By taking advantage of the new ERS, clients benefit from superior combined intelligence, and the potential to significantly reduce risk with this first-of-its kind offering for true enterprise level financial crime oversight, prevention and management.”

The ERS software hub enables the exchange and integration of risk scores and suspicious activity alerts across solutions from Fiserv’s NetEconomy for compliance and fraud protection, Carreker fraud solutions, and Fiserv Imagesoft’s FraudGuard solutions for digital check imaging protection against forgery, counterfeits and alterations. ERS enables alerts and risk scores to be shared for collaborative and weighted scoring to more accurately detect suspicious activity and lower false positives, while leveraging and protecting investments in respective products that are currently used by the client. With ERS, each solution can be acquired in any combination as part of an integrated enterprise suite. In addition, third-party solutions can communicate via the ERS as a single point hub to enable an enterprise-wide and holistic customer view of risk.

“Financial institutions are seeking ways to integrate their compliance and fraud operations in order to create an enterprise-wide view of risk, but siloed business units and systems are a significant barrier,” said Neil Katkov, PhD, senior vice president and managing director of the Asia Research group at Celent, a division of Oliver Wyman. “Solutions such as Fiserv NetEconomy’s ERS that address this issue have the potential to bring the goal of enterprise compliance closer and help generate efficiencies on both an organizational and systems level.”

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