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CustomerXPs and Finesse to Showcase Real-Time Fraud Management Solutions at Cards & Payment Middle East – 2016

Dubai, United Arab Emirates, June 01, 2016 --( Leading anti-fraud technology major CustomerXPs together with Finesse will be showcasing their Enterprise Fraud Management solutions platform that most financial institutions are seeking today. Its team of consultants will be ready with extensive knowledge about this upcoming technology which has emerged in response to new business challenges, security requirements, application goals, system requirements, and operating environments.

CustomerXPs and Finesse will showcase Clari5, whose differentiated approach deploys a central nervous system in banks with the ability to stop fraudulent transactions with real-time, actionable insights. Clari5 Enterprise Fraud Management is a real-time intelligent Big Data solution which combats sophisticated fraud.

Rivi Varghese, CEO, Customer XPs added, “Banking is the only industry in the world when the entire life of the customer flows through it - you know how much a customer earns, to where he stays, which place he visits, to how much he spends, state of his family, to state of home ownership, to how much gas he fills and everything else. No other industry has this privilege - be it a retailer or a telco, they just see a part of a customer’s life. This would make banking the smartest industry in the planet - however Bankers globally don’t realize this potential - as they still believe that are in the business of doing transactions and still go ahead making siloed decisions. These siloed decisions are proving to be costly and impacts both the topline and bottom-line of banks. The time has come for bankers to use this collective wisdom it has gained about every individual customer, gleaned from its entire long relationship with customer, and bring it to bear in the split second when the transaction happens - to influence, modify or stop the transaction across channels in real-time. We need to use this brain-like central nervous system approach to make a segment of one decision every-time in real-time.”

Ajay Alex, Practice Head, GRC at Finesse said, “Banks in this region are being targeted for various kinds of Frauds, as we are seeing numerous news uptick on how hackers are trying innovative & targeted attacks to breach banks existing security. The Government and central bank in this region has been very proactive in this regard and has issued directions and circular to banks to upgrade its existing security and put in necessary checks and balances in place. Understanding the current challenges and the dynamic environment which bank operate in, these factors have compelled us to look at the issue of Banking Fraud holistically, and rather than offering point solutions, we are pleased to provide Clari5 platform. We believe that Clari5 helps banks to utilize its existing internal data that provides insights and intelligence to arrive at specific individual level transaction behaviors (which are difficult for any hackers to replicate) for all their existing customer data sets, and helps to identify and point out on a real-time basis, potential fraud transactions and positively intervene before a fraud transactions gets committed to the system.”

Some key highlights of CustomerXPs’ Fraud Management solutions that can help global banks & financial institutions to have better fraud management & revenue maximization:

· Fraud management in Real-time

· Reduce sophisticated frauds

· Delivers real-time actionable insights

· Regulatory compliance

· Reduce reputational loss

· Highly scalable, extendable, easy maintenance

· Cross channel and Cross pollinated

· Short implementation cycle and easy integration

· Quick ROI

Finesse with its next generation, business-user oriented and customizable solutions has solved many technology challenges for some of the fastest growing leading banks, financial institutions, and telecom, energy, retail and government institutions. Such solutions and services help organizations to stay competitive, prevent loss of time, effort and money – leading to all round growth.
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Priyanka Gautam

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