Mercury Payment Services and Arion Bank have chosen Fiserv technology to streamline AML processes and effectively manage fraud risk.
In particular, Middle East payment scheme Mercury Payment Services and Iceland-based Arion will both implement the Fiserv AML Risk Manager solution.
Go deeper with GlobalData
Both will implement the solution to address four essential areas of an anti-money laundering risk management programme. These are Know Your Customer (KYC) requirements; monitoring, detection and alerts; case management; and reporting.
“Financial crime is continually evolving as criminals develop new schemes and ways to execute them,” says Andrew Davies, vice president, global market strategy, Financial Crime Risk Management, Fiserv.
“Successful risk mitigation depends on a firm’s ability to keep pace with changing conditions and incorporate new intelligence at every step of the process. And that requires adaptive, configurable technology.”
Mercury Payment Services is part of Network International. Fiserv will manage the solution end-to-end, including the administration of watch lists and sanctions screening. This will help to reduce overall costs and the need for in-house support.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“Our rapid growth prompted a re-evaluation of our AML strategy, and our move to Fiserv,” says Deepak Achar, VP, Mercury. “They listened to us and it was clear they understood our specific needs. We have a small in-house team. Working with Fiserv enables us to operate more efficiently to detect and prevent fraud more effectively.”
Arion to implement Fiserv AML Risk Manager
Icelandic lender Arion Bank chose Fiserv as part of an initiative to enhance operational efficiency and improve AML detection rates.
“We need a proven AML platform that allows us to improve our fraud detection rate while maximising our team’s time,”
“The robust functionality of the Fiserv solution was a draw for us. It means that we could cut back on manual processes and focus our attention in the areas where we can have the most impact,” says Nolan Williams, head of financial crime, Arion Bank.
