FusionStore - Finastra Marketplace - Clari5 Real-Time, Cross-channel Enterprise Anti-Money Laundering (AML) for Banks

Overview

Building Blocks

Clari5 real-time, cross-channel AML compliance solution protects banks from hefty fines due to regulatory non-compliance and reputational loss, by offering fully automated, centralized, evergreen superhigh volume/low latency technology - overcoming legacy semi-manual technology which is slow to adapt to regulations and to real-time transactions volume.

Constant changes in AML guidelines exposes banks with traditional technologies to high false positives and manual intervention especially in emerging innovations such as digital banking and real-time payments, resulting in reputational loss and regulator penalties. Real-time payments are driving both financial crime opportunities and volumes, but are dealt with through post factum screening, resulting in increased bottom-line losses to fraud. With regulators demanding a centralized crime view, banks with siloed AML and anti-fraud data management practices require real-time, cross-channel capabilities to detect potential money laundering threats.

Automation and flexibility to keep up with regulations

Flexible scenario authoring & exceptions flow, built-in support for volume spikes, automated updates and readily available APIs to drastically shrink solution implementation timelines

Real-time AML Compliance

Real-time response to all AML compliance checks, including customer/ payments sanctions screening and transaction monitoring.

First steps towards consolidated crime data and operation

Unified real-time fraud detection and real-time compliance platform, leading to better regulatory compliance and reduced TCO.

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General information

Commercial model

Resell

Integration

Pre-integrated products

Integration coming soon

doneAvailable for all 3rd party systems

Implementation

Cloud Hosted | On Premise

Website

https://www.clari5.com/anti-money-laundering

Support

vrushank@customerxps.com

Data processing countries (1)

India

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Finastra employees only

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How it works

Clari5 AML suite offers Sanctions Screening, Suspicious Activity Monitoring, Customer Risk Categorization, Integrated Case Management, Regulatory Reporting Workbench and Comprehensive Management Reporting.

Real-time Payment Compliance Screening

The application offers capabilities for transactions on Finastra Fusion Essence, Fusion Equation, Fusion Cash Management and Fusion Global Pay Plus.

Pre-integrated with the Payments and Core Systems via FusionFabric.cloud platform

Real-time ALM compliance checks are performed using the FusionFabric.cloud Compliance Analysis and Compliance Final Analysis APIs/SPIs.

Flexibility

Flexible scenario authoring and rule configuration capabilities to enable Bank/Financial Institution specific rules.

Integrated Case Management and Investigation platform

Helps managing review workflows for any compliance hits.

Modular implementation

Combines pre-packaged and bank-specific setup: including bank-specific product customization as needed, configuration of bank-specific AML compliance rules, user roles, workflows, regulatory and MIS reports.

Flexible deployment

Solution available on cloud and on-premise, and can be integrated with either Finastra or non-Finastra solutions through a variety of integration mechanisms including FusionFabric.cloud OpenAPI and other interfacing tools.

How it looks

Automated Regulatory Reports and Dashboards

The app provides analytics designed for effective enterprise AML and Fraud operations management. Show less

An adaptative configuration

Clari5 allows on-the-fly setting up of suspicious AML patterns, for real-time screening and reaction within the transaction window itself. Show less

Branch Interface for Decentralized Investigation

Clari5 allows decentralized investigation with an inbuilt Inbox interface for a secure and seamless communication with the branches. Show less

Watchlist Configuration

Fully configurable watchlist rules for a customized investigation. Show less

Automated Regulatory Reports and Dashboards

The app provides analytics designed for effective enterprise AML and Fraud operations management.

Videos

Asoka Pinnaduwage - Head of Compliance - Bank of Ceylon

Being bankers to the nation, we wanted to set the precedent for staying ahead of domestic as well as global risk and compliance regulations with the very best in financial crime management technology. We are excited to see our vision being implemented with us going live with Clari5 AML.

Mridul Sharma - Head of Technology, EVP - Indusind Bank

Innovative fraud risk management has always been one of our top strategic priorities and so quite naturally, we are excited about this global recognition of our efforts (Celent Model Bank of the Year Award). Clari5’s ‘central nervous system’ not only helped us prevent fraudulent transactions in real-time across channels, but also delivered real-time actionable insights for cross-sell and upsell. Overall this project enabled us to have a check for fraud patterns across multiple systems and channels, providing a much safer working environment and one that cannot be spoofed. This mechanism is not always available in other fraud detection systems which only look at one particular silo and do not have collective 360 degree intelligence of customer and accounts across various products and channels in real-time.