May 2021 Issue

Automated Payments Fraud Reporting to RBI

Indian Issuer Banks and PPI Issuers can now ensure comprehensive, transparent and auditable Payments Fraud Reporting to RBI in an automated, unified and integrated fashion. Clari5’s single-point modular fraud reporting platform synchronizes with all data source channels and streamlines the entire RBI reporting process end-to-end, right from data upload through to report generation.

The Celent Model Risk Manager Award is a distinguished recognition of project excellence and winners are determined based on best practices use of technology in financial risk management, operational risk management, cross risk, and financial crime. Fino Payments Bank won the premier award for flawlessly implementing + quickly going live with Clari5 Enterprise Fraud Management, despite the challenging Covid situation.
Learn how Clari5 can help your bank stay ahead of the fight against financial crime. Frequently asked questions about the category leading Banking Enterprise Financial Crime Risk Management Product.
With digital payments rapidly creating a cashless economy, the cheque has begun heading for the exit door. But there are vast populations that still rely on cheques for transferring funds, so a complete shift to a paperless economy & society is still a little away.

Clari5 Customer Fino Payments Bank Wins Celent Model Risk Manager Award 2021!

9 March 2021, Boston. Clari5 customer Fino Payments Bank won the prestigious Celent Model Risk Manager Award 2021 for the ‘Remote implementation of Enterprise-Wide Fraud Management During the Pandemic’. Fino Payments Bank implemented a modern, AI-enabled enterprise-wide fraud solution from Clari5 across all its channels.

This project is one of the first benchmark success stories of a mission-critical real-time, cross-channel Enterprise-wide Fraud Risk Management (EFRM) solution being activated in Asia Pacific amidst a never-before-of-its-kind crisis situation (the total national lockdown in response to the COVID-19 pandemic) and that was managed and innovatively implemented in a 100% remote fashion. The solution is currently processing transactions of over 1.7 mn+ customers across 200,000 banking points. The EFRM solution also ensured comprehensive compliance with stringent regulator guidelines for early detection / reporting of fraud.

About Celent and Model Risk Manager 2021 Award

For over 20 years, Celent has helped senior executives make confident decisions around their technology strategies to execute at scale. As the financial services industry rapidly evolves, there is more complexity, with new regulations, startups, technologies, and applications to stay on top of and prioritize. Celent helps connect this ever-changing puzzle by offering objective advice and clarity, backed by a database of thousands of solutions and award-winning global best practice use cases.

Every year, Celent recognizes excellence in the usage of technology through their Model Insurer, Model Bank, Model Risk Manager, and Model Wealth Manager Awards. The awards recognize a financial institution’s effective use of technology in different areas, often representing a best practice, and are designed to answer the deceptively simple question: What would it look like for a firm to do everything right with today’s technology? Of course, no firm is a “Model” firm across the board. Therefore, Celent focuses on specific real-world examples of individual technology initiatives. Case studies for the winning initiatives are presented through the annual reports detailing how and what they did to succeed.

The Model Risk Manager Awards recognize best practices use of technology in different areas critical to success in financial risk management, operational risk management, cross risk, and financial crime. Read More