Month: May 2017

Singapore / Manila, 26 July. Subsequent to CustomerXPs’ Clari5 being voted ‘Best Fraud Detection Product‘at the Annual OpRisk Awards in London in June 2016, Kris Finsoftware and CustomerXPs have announced a customized version of the acclaimed product available directly to banks in Asia Pacific to meet their specific requirements. Kris Finsoftware and CustomerXPs have been collaborating extensively on product customization for Asia Pacific’s key countries and have incorporated significant changes in the customized product based on specific market intricacies.

This announcement comes in the wake of banks in the Asia Pacific region witnessing a spate of serious and sophisticated fraud. With the frequency of instances on the rise, banks have begun actively exploring innovative cross-channel real-time fraud management products, given the flaws and inadequacies of conventional channel silo-based products.

Meanwhile there has been decisive action by Central Banks in the region to further mitigate vulnerability and implement stronger lines of defense, the most recent by Singapore’s central bank, MAS. MAS announced a new anti-money-laundering department after it ordered the local arm of a Swiss bank to shut down operations in relation to a laundering and bribery probe. The nature of sophisticated frauds and the current situation both demand that banks look beyond mere regulatory compliance and consider unconventional approaches to tackling financial fraud.

Built to meet the cross-channel fraud detection, investigation, prevention, monitoring compliance and audit needs of banks, CustomerXPs’ flagship product Clari5 differentiates itself by using a ‘human brain like’ approach to fraud and implements a ‘central nervous system’ that pollinates data from across the bank’s systems to deliver true, real-time intelligence.

Clari5 has been transforming Fraud Management and Customer Experience Management in Fortune 500 banks by harnessing the power of extreme real-time intelligence. Besides the OpRisk recognition Clari5 was also very recently ‘positioned as an Enterprise Solution‘ by premier analyst firm Chartis in the 2016 RiskTech Quadrant for Enterprise Fraud Technology.

Kris Finsoftware’s experienced banking technology veterans provide innovative solutions to marquee banks in Asia Pacific, With offices in Singapore, Philippines, Australia, Indonesia and Vietnam, Kris Finsoftware has a strong presence in the region. Kris Finsoftware’s extensive Fintech experience coupled with Clari5’s proven product capability makes it a compelling proposition for banks in the Asia Pacific region to adopt a proven solution that helps them confidently drive their anti-fraud and AML strategy.

Rivi Varghese, CEO, CustomerXPs said, ” With more than 250 mn accounts passing through us daily at some of the world’s largest implementations, we have emerged category leaders for real-time cross-channel Enterprise Fraud Management for banks. Our differentiated ‘human brain’ based cross-channel approach and our 100% implementation success when combined with a highly localized product ensures Asia Pacific banks can expect to go live very quickly.”

Krishan Grover, CEO Kris Finsoftware added, “We are extremely pleased to work with CustomerXPs, one of the best companies globally to help Asia Pacific banks with state-of-the-art technology and strong delivery capability to meet the growing threats posed by money laundering and fraud that threaten their very existence.”

About Kris Finsoftware

Established in 2012 and with offices in Singapore, Philippines, Australia, Indonesia, Vietnam and USA, Kris Finsoftware is a leading provider of Fraud Management, Operational Risk, Core Banking, Treasury, Wealth Management and Loan Origination solutions. Led by banking industry veterans with extensive experience in providing innovative and practical solutions to global companies, Kris Finsoftware provides a full range of world best-of-breed software solutions for banks in the region. www.krisfinsoftware.com

London, 14 June 2016. CustomerXPs’ Clari5 Enterprise Fraud Management product has been declared winner of the prestigious ‘Best Fraud Detection Product Award‘ in the annual Operational Risk Awards held by Operational Risk magazine and Risk.net. Winners were selected by OpRisk’s editorial staff following a series of in-depth discussions with industry participants.

The OpRisk Awards recognizes excellence in operational risk management in the financial sector and rewards exceptional companies that have demonstrated innovative thinking and have provided solutions to effectively address operational risk management challenges faced by the global financial industry.

Operational Risk is considered the leading journal for operational risk professionals in financial services institutions worldwide. In print for over a decade, the magazine equips heads of operational risk and operational risk managers with information about cutting edge approaches to modeling, mitigating and managing risks. Operational Risk is part of the Risk.net family of magazines, digital information services, events and training.

Mark Pengelly, Risk Management Editor of Risk.net, said: “Patterns of fraud are often hidden under a deluge of seemingly innocent transactions or interaction data. This year, our judges chose to honor CustomerXPs’ Clari5 for its role in addressing this issue by interpreting patterns and links in disparate data sets to identify activities ranging from banking enterprise fraud to anti-money laundering.”

Rivi Varghese, Founder & CEO, CustomerXPs added, “In today’s world of financial crime, finding the smoking gun is not enough; industry and regulators now require that we either catch the blazing gun or disable it before the deed. This is what Clari5 does as an extreme real-time cross channel, cross pollinated enterprise fraud management product. CustomerXPs receiving the OpRisk Best Fraud Detection Product award is a strong industry validation that advanced anti-fraud detection and prevention technologies such as Clari5 help global financial institutions stay future-proofed.”

CustomerXPs’ Clari5 Enterprise Financial Crime Management (EFCM) solution combats sophisticated fraud and money laundering with real-time, actionable insights. It monitors suspicious activities in real-time, and takes the right decision at the right time as opposed to end-of-day reporting and analysis. Clari5 EFCM is designed to meet the fraud detection, investigation, prevention, monitoring compliance and audit needs of banks.

Clari5 is a highly-scalable enterprise fraud and compliance solution with a capability suited to enterprise-wide deployment for global financial institutions. It uses advanced statistical and analytical techniques to identify patterns of unusual and suspicious behaviours hidden deep within a bank’s data. The product provides a single view of customers and their known associates across an organization’s entire portfolio of products and brands. Clari5’s differentiated approach deploys a ‘central nervous system’ in banks with the ability to stop fraudulent transactions with real-time, actionable insights.

About CustomerXPs

CustomerXPs is an enterprise software product company offering Enterprise Financial Crime Management, Anti-money Laundering and Customer Experience Management products for Tier-1 global banks. CustomerXPs flagship anti-fraud product Clari5 is revolutionizing Fraud Management and Customer Experience Management in Fortune 500 banks by harnessing the power of extreme real-time intelligence. www.customerxps.com.

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