Fiserv, a provider of financial services technology solutions, on Monday announced the release of its next generation Financial Crime Risk Management (FCRM) Platform.
The new release enables financial crime professionals to model, detect, investigate and resolve risks across crimes, channels and product lines, the company said, and offers new event processing capabilities designed to address each financial institution’s requirements.
Fiserv’s FCRM platform can learn the behavior of customers across their accounts, along with any entity relevant for judging the security and integrity of payments and other events. The platform can also incorporate alerts from other systems and drive risk-based authentication or due diligence, the company said.
“Detection systems are being consolidated to drive down cost or replaced to improve hit rates and reduce false positives. Payment execution is faster, criminals abuse the gaps between silos and regulators expect more advanced analytic techniques to combat crime,” said Tom Tobin, vice president and general manager, Financial Crime Risk Management, Fiserv. “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.”
In addition to direct installations, the new event processing capability will also be integrated through a series of incremental releases, starting with Signature and selected DNA clients and extending to other account processing platforms through 2015, Fiserv said.