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Clari5 Real-Time, Cross-channel Enterprise Fraud Management (EFM) for Banks

Clari5 (CustomerXPs)

Analytics
Fraud Detection
Payments
Cash Management
Combat fraud enterprise-wide with real-time, cross-channel monitoring & detection
Analytics
Fraud Detection
Payments
Cash Management
Combat fraud enterprise-wide with real-time, cross-channel monitoring & detection

Clari5 EFM uses advanced behavior anomaly techniques to monitor and detect suspicious patterns in real-time across the enterprise - payments, accounts, users, beneficiaries, devices, merchants, and cards.  It curbs false positives by responding with the right action to pass, block, challenge a transaction, or generate real-time alerts for manual investigation, and is extensible to a unified AML and fraud crime prevention solution. 

It is very difficult for banks to detect fraud in real-time as it only takes a few seconds for a payment to be initiated and completed. Most fraud systems therefore provide only post-facto analysis, after the transaction is complete. Also, most conventional systems don’t have an option to simulate multiple conditions for pattern recognition and analysis optimization. This leads to an increasing number of false positives, resulting in higher effort, time and cost of investigation, besides potential customer friction. Clari5 EFM offers a unified real-time solution that overcomes these challenges.

 

Automation and Flexibility to curb false positives

Leveraging AI/ML tools, Clari5 EFM extracts patterns that lead to enhanced fraud detection rates but with lower false positives. Clari5’s integrated Case Management system, which produces workflows and helps with alerts for reviewing and resolutions across all channels, is automatically updated, offering continuous improvements to financial institutions.

Real-time Decisions

Rapid advancements in the real-time payment landscape requires sub-second responses on transactions (to allow/hold/challenge/stop potential fraudulent transactions), as well as the ability to process large volumes of transactions with real-time decisioning capability, within milliseconds.

Unified Solution at Bank level

Clari5 EFM offers a wide spectrum of cross-channel cross-product capabilities, ease of integration using a variety of mechanisms and pre-built connection with Finastra’s core and payments solutions. Together with the extensibility to a unified fraud and AML crime view – Clari5 offers a low TCO and enables a centralized view of financial crime, in sync with regulator best practices.

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General information

Commercial model
Resell
Integration
Pre-integrated products
Fusion Cash Management
Fusion Global Pay Plus
Fusion Essence
Fusion Equation
doneAvailable for all 3rd party systems
Implementation
Cloud Hosted | On Premise
Website
Support
Data processing countries
India

How it works

Clari5 uses advanced behavior anomaly detection and profiling techniques to identify sophisticated frauds such as payment frauds, ATO, cross-channel frauds, embezzlement and misuse of authority, surveillance avoidance and other continuously emerging frauds that conventional post-facto solutions cannot detect and respond to in real-time.

Multi-Dimensional Risk Analytics

Ability to aggregate risk from various factors and use it to identify cumulative risk for transactions powered by in-memory analytics.

Real-time Decisioning

Real-time decisioning on transactions from various activities that are financial or non-financial in nature.

Data Sharing and Secured Data Transfer

To ensure a secured framework to share data fields with internal applications or 3rd party applications. Also, to ensure that the data is securely fed into the Clari5 EFM engine for Transaction Fraud Risk Assessment.

AI/ML models

To ensure data synthesized from various core systems or external data sources can be integrated.

Centralized Investigation and Data Visualization

To help perform case investigations in a workflow driven model, to identify fraud faster and with more accuracy.

Role Based Access Control

Ensures that all investigations and dashboards are accessed only by authorized users.
How it works

How it looks

Alert Dashboard

Summary of the last alerts received.

User Dashboard

Where your team can manage ongoing investigations.

An adaptive configuration

Clari5 allows on-the-fly setting up of suspicious fraud patterns, for real time screening and prevention within the transaction window.

Strategic Dashboard - Trends

For comprehensive view of active trends.
screenshot container
Alert DashboardUser DashboardAn adaptive configurationStrategic Dashboard - Trends

Alert Dashboard

Summary of the last alerts received.

Resources