Review: Fiserv AML Risk Manager

Product Review: Fiserv Anti-Money Laundering Risk Manager

Fiserv is a financial services company specializing in technological services and innovations. Founded in 1984 and headquartered in Brookfield, Wisconsin, Fiserv serves over 13,000 clients in areas such as mobile and online banking, data analytics, payments, and risk management. Fiserv partners with many major banks and online banking institutions to help millions of people increase the security of online banking while decreasing the time it takes to process and protect these funds.

Five key value drivers differentiate Fiserv’s AML Risk Manager from other software on the market: predictive models, KYC-adjusted risk rating (know your consumer), beneficial ownership, real-time interdiction, and dashboarding and reporting. No other solution can claim to have this many powerful tools working for the common goal of fighting money laundering.

Money laundering is one of the biggest concerns to financial institutions, and the benefactors of money laundering are often difficult to pinpoint because the complex, multilayered nature of this crime. The various levels of complexity in attacking this crime require professionals who are well-versed in business, technology and criminal behavior. Professionals who understand all of these areas well help create software solutions like Fiserv’s AML Risk Manager to intervene in money laundering situations.

In general, Fiserv’s AML Risk Manager monitors transactions like deposits and wire transfers. If any of these transactions appears suspicious, the solution creates an alert. The alert leads to a step-by-step investigation for users to follow with integrated reporting and ultimately results in fewer money laundering cases.

Fiserv’s AML solution is motivated by three developments: analytics, beneficial ownership and risk measurements. Data analytics have historically not been used with AML monitoring, but as financial institutions increasingly expect analytics to be leveraged, Fiserv has delivered with their AML solution. More information about the beneficial ownership of business accounts has also increased the effectiveness of money laundering monitoring. Risk measurements give quantifiable values to potential laundering risks, which helps financial institutions spot and eliminate laundering threats before they cause lasting damage.

Review: Fiserv AML Risk Manager - YourDailyTech
AML Expectations

Five key value drivers differentiate Fiserv’s AML Risk Manager from other software on the market: predictive models, KYC-adjusted risk rating (know your consumer), beneficial ownership, real-time interdiction, and dashboarding and reporting. No other solution can claim to have this many powerful tools working for the common goal of fighting money laundering.

Predictive models use historical and current data to identify non-traditional patterns that could lead to money laundering. The use of data analytics and prioritization algorithms allow these models to detect more money laundering threats while also reducing false positives. The KYC score rates the potential risk of certain customers while also allowing for a human element of manual score adjustment if users feel the need to raise or lower the scores.

Beneficial ownership identifies potential partnerships and connections that could be mutual beneficial that could not have been identified without the built-in analysis of AML. A Complex Event Processing (CEP) engine allows for real0time interdiction, which allow banks to block transactions that appear suspicious. The reporting and dashboard generation powered by AML’s analytics increases the self-service capabilities of AML Risk Manager. These report and dashboard help clearly and easily communicate information about potential threats and risk patterns.

Key Features & Specifications

  • Full data integration
  • Prioritized, pertinent alerts
  • User-friendly investigation
  • Efficient Tracking
  • Report generation (SARs, CTRs, management report)
  • Available for: Cleartouch, DNA, Precision, Premier, and Signature
Review: Fiserv AML Risk Manager - YourDailyTech
AML

Some of Fiserv’s competitors include financial service companies like Jack Heny and Associates and Fidelity National Information Services. They recently acquired another competitor, Aci Worldwide, in early March 2016. None of the major competitors in the AML industry and boast as robust and as well-integrated a solution as Fiserv, however.

A full list of news listings for Fiserv can be found here. Fiserv hosts and attends several conferences and tradeshows throughout the year. They can be found in-person at the NAFCU Annual Conference in Nashville, TN from June 14-17 and at Forum 2016 in Phoenix, AZ from September 15-17. They will also take part in the online webinar “Three Essential Elements of Successful Billing and Payment Strategy Webinar” on June 22. A full list of upcoming events can be found here.


Additional Resources: 

Fiserv AML Risk Manager White Paper
Fiserv AML Risk Manager Product Brochure
Fiserv AML Risk Manager Fact Sheet
Fiserv AML Risk Manager Overview

Rebecca Seasholtz

Rebecca is a senior Materials Science and Engineering major at Georgia Tech. She specializes in soft materials (i.e. plastics and textiles) and has also worked extensively with functional materials for electrical applications. Rebecca is originally from Grayson, GA and likes to spend her free time running, cycling, drinking coffee, or hanging around the campus house of a ministry she attends at Georgia Tech. Contact Rebecca at [email protected]