• Product Reviews
• 18.07.2016 10:39 am

What does the product do?

CustomerXPs’ Clari5 is an enterprise solution that enables commercial banks to detect transactions in real-time that are fraudulent and/or illegal in terms of Anti-Money Laundering/ Counter-Terrorism Financing (AML/CFT) laws. 

Clari5 facilitates compliance with the requirements of the FATF AML global guidelines and United States Foreign Account Tax Compliance Act (FATCA). In several countries, Clari5 also facilitates compliance with the central banks’ requirements for implementation of cross-channel fraud risk management. It can also provide important insights about customer experience and enable the bank to initiate cross-sell and up-sell at the customer’s  particular touch-point.

Clari5 can efficiently process large amounts of data, operating at a speed of 4700 Transactions per Second (TPS). It can be incorporated within the existing infrastructure of any bank operating across all banking channels – Tellers, ATMs, POS, E-Commerce, Mobile banking, and Internet banking – and covering all core products (Deposits, Loans, Remittances and Cards).

Clari5 aligns with a number of key banking themes and trends that have been identified by Chartis Research. The vast majority of financial institutions agree that it makes sense to integrate control of fraud with monitoring of transactions that could fall foul of AML/CFT laws. Regulators are frequently drawing links between money laundering and fraud. Most institutions are taking an ‘omnichannel’ approach to business. Anomalous transactions should be recognized in real time if the solution is to work optimally. The solution is most effective if it takes a holistic – or 360 degree – view of each customer.

Perhaps most importantly, a fully integrated solution like Clari5 is 30% less expensive to operate than traditional fraud and AML/CFT prevention solutions that focus on only one major product line. The return on investment does not just come from minimization of losses through fraud and violations of AML/CFT laws. It also comes from a better, deeper understanding of customer experience.

Clari5 silently monitors all banking transactions with no impact to the transaction lifecycle in the various source systems. The solution then creates various comprehensive scenarios and patterns of possible risk incidents and false positives. It then forms a decision strategy (reject, hold or allow) for each transaction. Any changes or deviations in customer behavior are tracked immediately and presented to the risk management officers as potential problems.

Actual experience of users points to a very high success rate – in terms of accurate identification of problems – and a high return on investment.

Who needs the product?

Clari5 is ideal for large and medium-sized central or commercial banks. It has been successfully implemented in over 12 financial institutions across multiple countries. These banks’ customer bases range from 1mn to 55mn accounts. Within these banks, Clari5 has been integrated with more than 20 third party systems. Within potential customer banks, the product is most relevant to Compliance Officers, Risk Officers, Internal Auditors, and COO/CTO/CIOs.

Since launch in 2010, CustomerXPs has partnered with financial institutions across India and the Middle East. The company is currently expanding its footprint in South East Asia, the Middle East and Africa and is actively exploring partnering with banks in the UK and the US. Clari5 has emerged a competitor for products such as Tonbeller by Fico, Argo Oasis, BAE Systems Fraud & AML Suite, Bottomline Systems, Fiserv, Jack Henry, Nice Actimize, SAS (Fraud Management & AML Suite), RSA (Adaptive Authentication), Shift Science, ThreatMatrix, FeedZai, Verafin, Brighterion, Socure, Inform, Inteco, Soundbite, Cybersource, Idetect, NCR Alaric and FIS RISC systems.

What other background features are relevant?

Clari5 is very easy to deploy. It typically takes the provider an average of three to four months to integrate Clari5 with the client’s core banking system and other source systems. However, certain functions of Clari5 can be available within two months. Data can be provided in a format that is preferred by the bank’s IT department.

What awards have recognized the product?

Clari5 has been voted Best Fraud Detection Product 2016 by OpRisk / Risk.net and has been positioned as enterprise solution in Chartis’ RiskTech Quadrant for Enterprise Fraud Technology in the Financial Crime Risk Management Report  2016.