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Financial Crime Risk Management Platform from Fiserv monitors for
money-laundering, tax evasion, external and internal fraud across the
enterprise
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Bank's rapid growth demands an automated financial crime risk
management system to meet increasing regulatory requirements
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Fiserv platform selected for its unique level of flexibility,
empowering the bank to quickly add or change scenarios in response to
new financial crime threats
BROOKFIELD, Wis.--(BUSINESS WIRE)--
Fiserv,
Inc. (NASDAQ: FISV), a leading global provider of financial services
technology solutions, announced today that the International Bank of
Qatar (IBQ), has selected the Financial Crime Risk Management (FCRM)
Platform from Fiserv to manage its money-laundering and fraud prevention
strategy.
"The bank is growing rapidly and we know that a comprehensive and
adaptable fraud and compliance solution is vital to sustainable growth
and satisfying regulatory requirements," said Basil Falah, Head of
Compliance, International Bank of Qatar. "Fiserv offers IBQ a single
solution with a single database to manage all financial crime risk. It
is fully equipped with a unique level of flexibility and independence to
add or change scenarios in response to ever-changing crime threats."
For IBQ, the vast global experience of Fiserv in mitigating risk related
to financial crime was a key factor in the selection. With more than
1,000 financial institutions already using the FCRM Platform worldwide,
this knowledge and experience is a vital component of the partnership to
help the bank achieve the highest standards of anti-money laundering
(AML) compliance and fraud prevention.
"Strong local and global references were vital in helping us make our
decision," said Falah. "Fiserv is a well-established global provider of
financial services technology and will be a reliable long-term partner
as IBQ expands its operations in the coming years."
"Fiserv forged a close working relationship with IBQ during the
selection process and we look forward to building on that relationship
as we go through implementation and beyond," said Tom Tobin, vice
president and general manager, Financial Crime Risk Management, Fiserv.
"By providing clients like IBQ with international industry best
practices and expert consultants, we can ultimately put them in control
of continually evaluating and optimizing their own risk protection as
their operations expand and new threats are identified."
The FCRM Platform provides unique abilities for financial crime
professionals to effectively and efficiently model, detect, investigate
and resolve risks across crimes, channels and product lines. It does so
through complex event processing capabilities, designed to address each
financial institution's unique and evolving set of financial crime
threats and business requirements.
Fiserv is trusted to securely process billions of payments every year
and to protect the security and integrity of customer accounts, access
channels and financial transactions. Fiserv global systems and services
for account processing, payments processing and digital banking are used
to manage and access more than 55 million consumer accounts and process
transactions totaling over $1 trillion per year. As part of this
ecosystem, the FCRM Platform is a logical choice for supporting
regulatory compliance and fraud prevention.
Additional resources:
About International Bank of Qatar
International Bank of Qatar (IBQ) is a well-established and rapidly
growing commercial institution, offering a full range of retail, private
and corporate banking solutions. IBQ has a strong commitment to build
long-lasting relationships with its customers and provide them with
excellent customer service with a focus on making banking simple,
convenient and tailored to their needs. IBQ is one of the oldest
existing banks in Qatar being established in 1956 and celebrated its
57th anniversary in 2013. The Bank has a network of 6 branches and
service centres and 32 ATMs strategically located throughout Qatar.
IBQ has received various international and prestigious accolades which
are testament to its position as one of Qatar's leading banks. In
February 2013, IBQ was recognized with Euromoney's award for "Best
Private Bank for Privacy and Security in Qatar". In 2012, IBQ also
received the "Best Private Banking Services Award 2012" for HNWI and
Ultra HNWI in Qatar by Euromoney as well. Moreover, IBQ won "Best Retail
Bank in Qatar 2011" award from Arabian Business, in addition to the
"Best Customer Service" award in 2011, 2010, 2009 and 2008 from Banker
Middle East Magazine. In June 2009, IBQ was recognised as "the fastest
moving bank in the Middle East" and the 26th fastest mover
globally in The Banker magazine's Top 1,000 World Bank survey
2009.
IBQ is 30% owned by the National Bank of Kuwait (NBK), the highest rated
bank in the Middle East.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV) is a leading global technology provider
serving the financial services industry, driving innovation in payments,
processing services, risk and compliance, customer and channel
management, and business insights and optimization. For more
information, visit www.fiserv.com.
FISV-G
Media Relations:
Julie Nixon
Senior Public Relations
Manager
Fiserv, Inc.
678-375-3744
julie.nixon@fiserv.com
or
Additional
Contact:
Wade Coleman
Director, Public Relations
Fiserv,
Inc.
678-375-1210
wade.coleman@fiserv.com
Source: Fiserv, Inc.
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