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Compliance & Fraud Management Effective, Efficient and Adaptive Protection Across Financial Services Organizations Solutions

Fiserv FCRM Platform Brochure

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Page 1: Fiserv FCRM Platform Brochure

Compliance & Fraud ManagementEffective, Efficient and Adaptive Protection Across Financial Services Organizations

Solutions

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Solutions

Complex and Evolving Challenges

To limit the opportunities of would-be criminals, regulators and examiners are demanding that financial services institutions take additional steps to protect themselves and their customers. At the same time, innovation in financial services products and services introduces new risks, pressure on the bottom line drives the need for even greater efficiency, and the fight against financial crime plays out on a very public stage. There, a perceived or actual fraud event or compliance violation can damage the trust that customers, investors and other stakeholders have in the security and integrity of an institution.

A Strategic Response

Standardizing and consolidating behavioral monitoring on a single, strategic platform can provide a holistic and integrated set of sophisticated capabilities to detect, investigate and resolve risks around your customers and their transactions across different crimes, regulations, products, channels and geographies. The benefits of this approach include:

•More accurate detection with sophisticated analytics, integrated with effective tools for investigation, workflow, evidence capture, resolution and reporting.

•A holistic view across financial crimes, including locations and business units, products and channels.

•Cost-efficient technology, leveraging proven configurations while optimizing the use of your institution’s data to address and mitigate crime risks unique to your business.

• The ability to leverage the same tools over and over again to address new risks and adapt the tools to improve results.

•No need for customized code that needs to be rebuilt/incurs additional cost when upgrading to new releases.

Next-Generation Detection and Flexibility in a Single Platform of Products

Compliance & Fraud Management solutions offered by Fiserv reside on a common platform featuring an integrated real-time detection engine that breaks free from legacy constraints to deliver advanced integration, modeling, detection and action capabilities. This high-performance common event processing (CEP) engine enables the platform to understand the behavior of someone or something across the enterprise, right up to the second that the latest event needs to be adjudicated, in real time. Payments and other events can be held, blocked, challenged or reviewed, while aggregated behavior patterns can also trigger an alert for investigation.

Key Capabilities and Solutions of Compliance & Fraud Management

Our Compliance & Fraud Management solutions consist of a number of integrated capabilities on a common platform:

Data and integration – Assimilates business data and communicates with other systems. The platform supports real-time and batch feeds of transactions, events and business records, as well as alerts from other products for correlation and resolution. The data and business model is completely configurable

Across the globe, criminals are persistently looking for weak defenses that they can exploit for fraud, money laundering, terrorist financing, sanctions violations, tax evasion and more. Facing these challenges, financial crime risk management operations require better and more holistic technology solutions.

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and can be optimized for the institution’s unique business and risks, and can monitor every entity for which a unique ID is available in the data.

Learning and detecting – Applies mathematics, statistics and logic to understand the behavior of each entity to analyze current activity in real time. Detection scenarios, scoring models, pattern matching, dynamic thresholds and fuzzy list matching are used together to detect risks at minimal false positives and false negatives, vastly improving operational efficiency. Skilled business users can change or add scenarios, including response strategies, alert presentation and ranking.

Alert management and investigation – Provides an end-user environment for analysts to review alerts with the help of intuitive tools including drill-down navigation, network analysis and behavior visualization. Supports workflow features to prioritize, assign and structure alert handling with auditable decisions, including actions to protect assets beyond the alerted transaction, set parameters for use in future monitoring and remove fraudulent or erroneous transactions from behavioral profiles.

Case management – When alerts warrant full investigation, analysts can add them to an existing case or create a new one. All relevant data from the alert is then automatically populated to the corresponding case. Cases can also be started from scratch to deal with non-system alerts. The structure and mandatory content of cases are configurable per case type. Workflows with specific stages drive the case to completion and contain built-

in checkpoints, maintaining a full audit trail of changes made. Multiple authorization levels are supported, and the platform allows linking and searching of cases. Financials regarding the case can be tracked and recorded for exposures, preventions, recoveries and charge-offs.

Regulatory reporting – From the case management system, regulatory reports can be prepared, populated, validated and generated in the required format. The platform’s flexibility enables Fiserv to configure support for local formats at limited cost, delivering out-of-the-box support for key markets. Direct threshold-based reporting for large cash transactions can be triggered automatically from the detection engine, staging them directly for final review.

Key Solutions

AML Risk Management

AML Risk Manager from Fiserv delivers unparalleled efficacy by introducing data analytics, more flexible risk management tools, improved link analysis and beneficial ownership tools and improved management reporting. AML Risk Manager monitors transactions across all accounts held by a customer to understand behavior and detect potential money laundering or terrorist financing – through detection scenarios that reflect the risks assessed by your compliance team. This solution also demonstrates compliance with the U.S. Bank Secrecy Act, the 3rd EU AML Directive, and dozens of local AML laws and regulations in all major regions of the world.

A Program to Call Your Own

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Real-Time Electronic Payment Fraud Prevention

Payment Fraud Manager from Fiserv is the industry’s first real-time cross channel monitoring and interdiction solution for electronic payments. Payment Fraud Manager is the most comprehensive solution on the market today, using advanced inference techniques to detect and prevent fraudulent transactions. Payment Fraud Manager monitors both batch/bulk file and individual electronic funds transfer transactions across many payment and messaging infrastructures, such as SWIFT, FEDWIR, SEPA, and ACH. It also controls all crime types, including: batch file manipulation, cybercrime, account takeover, and internal fraud.

Real-Time Check Fraud Prevention

Check Fraud Manager from Fiserv provides real-time detection of check fraud, enabling banks to safely accept mobile deposits and stop fraud at the teller window by declining or holding checks on the spot as well as detecting fraud Day 2 as part of the traditional clearing process. Real-time deposit channels drive the need for new capabilities that enable institutions to accurately determine whether a customer’s deposit behavior is risky, to set funds availability strategies based on risk at the customer-level, and to identify and stop check fraud quickly and accurately.

Customer Risk Management

Customer Risk Manager from Fiserv provides customer-level risk scores and profiles that can be used alone, for example to identify account takeover, or as a complement to other fraud solutions to reduce false positives and improve operational efficiency. Customer Risk

Manager builds a customer risk profile that can be used to enhance any fraud mitigation process, whether electronic payment fraud, check fraud, or any other fraud prevention process. This customer profile and risk scores are compiled from static data such as customer demographics and dynamic data such as account balances, deposits, tenure at the institution, behavior scores, prior frauds, prior risky activity, online banking, and mobile banking data. Customer Risk Manager is an integrated solution that enables organizations to truly capture a customer-centric view of fraud risk.

Sanctions Screening

Watch List Filtering Manager from Fiserv enables screening of transactions, customers and any other entities against common government, commercial or custom lists to prevent business with sanctioned countries and entities. The solution, along with other Compliance & Fraud Management solutions, presents dedicated alerts in the investigation environment for decisioning and, if needed, escalation to case management. OFAC reporting is also supported.

FATCA Monitoring and Control

Compliance & Fraud Management solutions leverage the AML data model and proven capabilities for a cost-effective approach to keeping control of your FATCA operations.

Deployment to Suit Your Budget, Skills and Needs

Fiserv has created libraries of proven preconfigured detection scenarios, enabling organizations to get up and running quickly at minimal cost. Alternatively, clients can work

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with our expert professional services teams to determine the right coverage with existing, adapted or new models. Some clients choose to take complete control by using the flexible toolbox to create their own configurations. The same flexibility applies to the ongoing operation and optimization of Financial Crime Management Platform from Fiserv.

Lower Total Cost of Ownership

A single, scalable technology stack for all Compliance & Fraud Management solutions delivers lower total cost of ownership. The entire platform is based on powerful Microsoft® technology around a SQL Server database with standard three-tier architecture. The real-time CEP detection engine delivers secure and reliable high performance and low latency, with response times measured in milliseconds. The default integration model is based on configurable XML data structures via Web services communication, with Fiserv offering ETL software and services around that for other requirements.

Harnessing Fiserv Expertise in Safeguarding Financial Services

Fiserv provides market-leading solutions for account processing, payments, online and mobile banking, bill payment to more than 16,000 clients in 80 countries. Millions of accounts and billions of payments rely on our products and services to be managed efficiently, accurately and safely. The prevention of financial crime is deeply ingrained in our culture, process, infrastructure and software – as regularly validated by U.S. regulators. As a result, we have unparalleled knowledge of the products needed to protect financial services organizations. Our Compliance & Fraud Management solutions are geared to address local regulations, reporting, currency, infrastructure, language and financial crime risks. Compliance & Fraud Management solutions are the strategic weapons of choice in the global fight against financial crime.

Connect With UsFor more information about Compliance & Fraud Management, call 800-872-7882 (North America) or +31-0-70-452-5440 (outside North America), email [email protected] or visit www.financialcrimerisk.fiserv.com.

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About Fiserv Fiserv is driving innovation in Payments, Processing Services, Risk & Compliance, Customer & Channel Management and Insights & Optimization, and leading the transformation of financial services technology to help our clients change the way financial services are delivered. Visit www.fiserv.com for a look at what’s next now.

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800-872-7882 [email protected] www.fiserv.com

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