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Fiserv unveils next generation financial crime risk management platform

Fiserv has rolled out its next generation Financial Crime Risk Management (FCRM) Platform, to enable financial crime professionals effectively and efficiently model, detect, investigate and resolve risks across crimes, channels and product lines.

The financial services technology firm said that the FCRM has been designed to deal with each financial institution’s unique and evolving financial crime threats and business requirements.

Equipped with complex event processing capabilities, the new framework offers irregularity detection, list matching, alert review, investigation tools, case management and reporting, to address business problems and regulatory requirements, including AML, sanctions, fraud, FATCA and more.

Fiserv financial crime risk management vice president and general manager Tom Tobin said that the financial services industry is looking for better and fewer financial crime risk management solutions.

"Within this context, we believe that the FCRM Platform, with its market-leading behavioral monitoring capabilities, is one of the most powerful and strategic systems available on the market today.

"Our philosophy is to provide clients with best practices and expert consultants, and ultimately put them in control of continually evaluating and optimizing their own risk protection," Tobin added.

The FCRM Platform, which can also incorporate alerts from other systems, scrutinizes customers’ behavior across their accounts as well as checks any entity relevant for judging the security and integrity of payments, for improved risk management.

The company is planning to integrate FCRM platform with Signature and selected DNA clients and extending to other account processing platforms through 2015.