Read the latest about Clari5 in the news and media coverage featuring Clari5’s unique approach to fighting financial crime.
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Hong Kong, 1 December 2016Subsequent to being ranked among India’s Top 50 fastest growing technology companies, CustomerXPs has now made it to the Deloitte Technology Fast 500™ Asia Pacific 2016, a positioning of the region’s 500 fastest growing technology companies.
The rankings are based on percentage revenue growth over 3 years and CustomerXPs grew 191% percent during this period.
Previously CustomerXPs was positioned as Enterprise Fraud Solution in the Chartis RiskTech Quadrant and the company’s flagship product Clari5 was voted ‘Best Fraud Detection Product 2016’ by Risk.net.
Our Asia Pacific Technology Fast 500 winners demonstrate how new technologies are shaping the way we live and work, using innovative solutions to transform business models and simplify the lives of the consumer, ” said Toshifumi Kusunioki, Deloitte Leader, Technology Fast 500 Asia Pacific.
“Making the Deloitte Technology Fast50 is commendable in today’s highly competitive technology industry,” said Rajiv Sundar, Partner, Deloitte in India. He added, “Being one of the 50 fastest growing technology companies in India is an impressive feat and we congratulate CustomerXPs for making the Deloitte Technology Fast50 India with their phenomenal growth rate”.
CustomerXPs CEO, Rivi Varghese 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 banks can go live quickly. This recognition is a validation of the growth in adoption of our disruptive solution.”
The Deloitte Technology Fast 500 is the pre-eminent technology awards program in Asia Pacific, and now in its 15th year, it includes 9 Asia Pacific locations: Australia, China, India, Japan, South Korea, Malaysia, New Zealand, Singapore and Taiwan. Combining Technological innovation, entrepreneurship and rapid growth, Fast 500 companies – large, small, public and private – span a variety of industry sectors from software to biotech. Fast 500 companies play in the SaaS, cloud computing, data analytics, and mobile sectors and are transforming the way we do business today.
The Technology Fast50 India program, which was launched in 2005, is conducted by Deloitte Touche Tohmatsu India LLP (DTTILLP), and is part of a truly integrated Asia Pacific program recognizing the India’s fastest growing and most dynamic technology businesses (public and private) and includes all areas of technology – from internet to biotechnology, from medical and scientific to computers/hardware. The program recognizes the fastest growing technology companies in India based on their percentage revenue growth over the past three financial years. www.deloitte.com/in
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Deloitte provides audit, consulting, financial advisory, risk advisory, tax and related services to public and private clients spanning multiple industries. Deloitte serves four out of five Fortune Global 500® companies through a globally connected network of member firms in more than 150 countries and territories bringing world-class capabilities, insights, and high-quality service to address clients’ most complex business challenges. To learn more about how Deloitte’s approximately 245,000 professionals make an impact that matters, please connect with us on Facebook, LinkedIn, or Twitter.
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Dubai, 24 July. Extreme real-time banking analytics specialist CustomerXPs’ today announced its ‘Clari5 real-time Intraday Liquidity Monitoring Solution‘ – a packaged, ready-to-deploy solution to help banks in the UAE achieve timely compliance with BCBS 248 requirements for Intraday Liquidity Risk Management. Besides mitigating intraday liquidity risk, banks in the UAE can now expect complete compliance with the BCBS 248 regulation in time for the January 2017 deadline. The solution integrates data across all systems in the bank and also provides the flexibility for on-premise or cloud deployment.
In April 2013 the Basel Committee on Banking Supervision (BCBS) had published a set of new regulations for banks – ‘Monitoring tools for intraday liquidity management’ (BCBS 248) – a set of monitoring tools focusing on intraday liquidity monitoring and reporting mandates that mandates banks worldwide to comply with 7 key intraday liquidity monitoring measures. The tools are meant to enable regulators and supervisors to have sufficient information to monitor banks’ intraday liquidity risk and their ability to meet payment and settlement obligations on a timely basis under normal and stressed conditions by assembling necessary data.
The BCBS intended banks to start using the monitoring and reporting tools from January 2015, with full implementation by January 2017. Since then, regulators worldwide have begun setting target dates for BCBS 248 compliance and banks have realized that they need to quickly come to terms with BCBS 248.
Given the time-sensitivity of the new BCBS regulations, the Central Bank of the UAE made a proactive and decisive move towards ushering better compliance and governance in the region. In 2015 the regulator published qualitative and quantitative liquidity management requirements for UAE banks. The quantitative liquidity requirements are categorized into (a) UAE specific: the eligible liquid asset ratio (ELAR) and the advances to stable resources ratio (ASRR) and (b) Basel III: the liquidity coverage ratio (LCR) and the net stable funding ratio (NSFR).
UAE banks can either apply UAE-specific ratios or (with CB UAE approval) Basel III ratios. Banks wanting to apply Basel III ratios must demonstrate that they have the necessary governance, controls and processes frameworks in place and show they comply with qualitative liquidity standards. As an outcome banks have set goals to identify the key issues (in the setup of their current liquidity management practices), compile quantitative regulatory measures and determine development needs in a timely and structured fashion.
The situation also demands that banks in the UAE have available a robust, high-performance solution that enables real-time monitoring of intraday liquidity both from a risk management, as well as a regulatory compliance perspective.
CustomerXPs’ Clari5 BCBS Intraday Liquidity Monitoring Solution equips banks with entity and currency level insights into payments and settlements as well as intraday liquidity in real-time. Besides providing a ‘Monitoring Tool Reporting Platform’, the solution also offers real-time/near real-time monitoring of intraday liquidity position, trend analysis and automated alerts for effectively managing intraday liquidity risk.
Clari5 adopts a non-invasive implementation with minimal disruption by re-using existing data flows and connections and shrinks regulatory compliance timelines from months to weeks. Clari5 is suitable for banks of all sizes, from domestic banks operating via select clearing partners to correspondent-service providers with multiple direct clearing partnerships.
“Clari5 is the central nervous system trusted by large banks globally and in the region. Real-time intraday liquidity management is a module within this theme and like our other Clari5 solutions, this too is a bolt-on system that leverages existing investments and processes, with quicker go live and with a low infrastructure footprint”, said Rivi Varghese, Chief Executive Officer, CustomerXPs
Clari5 BCBS Intraday Liquidity Monitoring Solution also provides a strategic roadmap to complete enterprise liquidity monitoring and management through deployment of additional components from the CustomerXPs Real-time Transaction Architecture. Clari5 BCBS Real-time Intraday Liquidity Monitoring Solution is based on the CustomerXPs Real-time Transaction Architecture, which is common to all CustomerXPs solutions.
Clari5 BCBS Intraday Liquidity Monitoring Solution Highlights:
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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.”
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