Portuguese bank Banco CTT has selected Fiserv to enhance its anti-money laundering capabilities.
Fiserv will be able to help the bank to manage money laundering risk as it scales its operations and aims to improve customer experiences. By integrating AML monitoring, Banco CTT will be able to minimise customer disruption by optimising transaction investigations.
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
Fiserv vice president Andrew Davies said, “The right anti-money laundering technology can do more than equip financial institutions to meet regulatory requirements.
“For new or growing banks like Banco CTT, the right technology provides an opportunity to establish operational efficiencies and positions them to serve an expanding customer base. The commitment of Banco CTT to its customers is evident in their selection of an anti-money laundering solution that will facilitate effective risk mitigation.”
Earlier in the year, Fiserv completed the acquisition of First Data Corporation to create a payments and financial technology provider. Through this deal, Fiserv will offer a range of financial technology solutions including payments, digital banking, account processing, e-commerce, POS, and card issuing, among others.
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