The Asian Banker Awards Prominent Life Insurer for Implementation of Compliance Risk Technology from Fiserv
Company awarded best-in-category for their innovative use of Fiserv technology
BROOKFIELD, Wis. & SINGAPORE – June 18, 2019 – Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, today announced that the implementation of its technology by a prominent life insurer in Asia was recognized for “The Compliance Risk Technology Implementation of the Year” at The Asian Banker Risk Management Awards 2019. The insurer, which serves the emerging middle-class families of the region’s outperforming economies, was awarded for its innovative use of Fiserv technology to improve the efficiency, effectiveness and transparency of suspicious transaction monitoring.
The Automated Suspicious Transaction Monitoring and Reporting (STR) system implemented by the life insurer extends across multiple business units in Asia, spanning Hong Kong, Singapore, Indonesia, and the Philippines. The system has a flexible data infrastructure that accommodates the transaction monitoring needs and requirements of different countries with the ability to consolidate all transactions into a uniform view for review.
Centralising its suspicious transaction monitoring into one regional hub has allowed the life insurer to improve money laundering detection and operate more efficiently. With the new system, they have been able to adapt quickly to changing financial crime trends and isolate legitimate transactions from suspicious transactions, so threats can be effectively managed.
With the implementation of the new system, the conversion rate of alerts into cases resulting in suspicious transaction reporting was raised from 1 percent to 5 percent, signifying the increased quality of alerts and the increased efficiency of the new automated system, while also removing the need for repeated manual consolidation of data.
“Effective risk management is a continuous challenge,” said Marc Mathenz, senior vice president and managing director, Asia Pacific, Fiserv. “With a focus on some of the fastest growing markets in Asia, our client has risen to this challenge with a holistic approach that enables them to improve suspicious transaction monitoring while also operating more efficiently across the region. We extend our sincere congratulations to them for this distinction.”
The Asian Banker Risk Management Awards highlight and benchmark emerging best practices and outstanding achievements of the best risk management teams in financial institutions across Asia Pacific, the Middle East, and African regions.
In a world moving faster than ever before, Fiserv helps clients deliver solutions in step with the way people live and work today – financial services at the speed of life. Learn more at fiserv.com.
- The Asian Banker Risk Management Awards - asianbankerawards.com/riskmanagement/
Fiserv, Inc. (NASDAQ: FISV) enables clients worldwide to create and deliver financial services experiences in step with the way people live and work today. For 35 years, Fiserv has been a trusted leader in financial services technology, helping clients achieve best-in-class results by driving quality and innovation in payments, processing services, risk and compliance, customer and channel management, and insights and optimization. Fiserv is a member of the FORTUNE® 500 and has been named among the FORTUNE Magazine World's Most Admired Companies® for six consecutive years, recognized for strength of business model, people management, social responsibility and innovation leadership. Visit fiserv.com and follow on social media for more information and the latest company news.
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Sr. Manager, Public Relations
Ruder Finn Asia
+65 6336 9410