Fiserv deploys AML technology to Mercury Payment Services and Arion Bank

Mercury Payment Services and Arion Bank have integrated Fiserv to help them streamline their AML processes and fraud risk management.

Both Mercury and Arion will deploy the Fiserv AML Risk Manager solution to handle AML risk management processes including KYC requirements, monitoring, detection and alerts, case management, and reporting.

The FinTech’s AML risk manager solution utilises inference techniques, visualisation tools and behavioural profiling to track risks and monitor for potentially suspect activities. In addition to this, it offers advanced risk profiling, transaction monitoring and know your customer capabilities.

AML risk manager is used by 1,200 organisations for simplified services for payment fraud, check fraud or customer risk profiling

Dubai-based Mercury Payments is a domestic payment scheme which enables financial institutions to issue cards and facilitate payments in the Middle East region. Through this deal, Fiserv will manage the end-to-end running of the AML solution including the administration of watch lists and sanction screening.

Icelandic bank Arion will use Fiserv to enhance its operational efficiency and boost AML detection rates. The advanced analytics capabilities of the solution will minimise false positives and prioritise alerts.

Arion Bank head of financial crime Nolan Williams said, “We needed a proven AML platform that would allow us to improve our fraud detection rate while maximizing our team’s time. The robust functionality of the Fiserv solution was a draw for us because it meant that we could cut back on manual processes and focus our attention in the areas where we can have the most impact.”

Earlier in the year, Fiserv formed a similar deal with Portuguese bank Banco CTT to enhance its AML capabilities.

The FinTech also recently acquired and merged with First Data Corporation to establish a payments and financial technology solution provider, offering tools for payments, digital banking and account processing, among others.

Copyright © 2019 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research

Investors

The following investor(s) were tagged in this article.