Fiserv’s AML solution selected by Mercury Payment & Arion Bank

 Andrew Davies, VP, Global market strategy, Financial Crime Risk Management, Fiserv

Fiserv’s anti-money laundering (AML) technology has been selected by Mercury Payment Services, the Middle Eastern payment scheme and the Icelandic universal bank Arion Bank. The institutions aim to streamline Fiserv’s AML processes and manage fraud risks.

“Financial crime is continually evolving as criminals develop new schemes and ways to execute them,” said Andrew Davies, vice president, global market strategy, Financial Crime Risk Management, Fiserv. “Successful risk mitigation depends on a firm’s ability to keep pace with changing conditions and incorporate new intelligence at every step of the process, and that requires adaptive, configurable technology.”

According to the supplier, Fiserv’s AML Risk Manager will assist Mercury in deploying AML capabilities efficiently, will manage the solution end-to-end, including the administration of watch lists and sanctions screening, helping to reduce overall costs and the need for in-house support. The AML solution is compliant with the UAE Central Bank guidelines.

“Our rapid growth prompted a reevaluation of our AML strategy and our move to Fiserv,” said Deepak Achar, vice president, Mercury Payment Services. “They listened to us and it was clear they understood our specific needs. We have a small in-house team and working with Fiserv enables us to operate more efficiently to detect and prevent fraud more effectively.”

Arion Bank, as the supplier states, aims to enhance operational efficiency coupled with AML detection rates. Fiserv’s solution is expected to minimize false positives and prioritize alerts.

“We needed a proven AML platform that would allow us to improve our fraud detection rate while maximizing our team’s time,” said Nolan Williams, head of financial crime, Arion Bank. “The robust functionality of the Fiserv solution was a draw for us because it meant that we could cut back on manual processes and focus our attention in the areas where we can have the most impact.”

Both of the institutions are implementing Fiserv’s solution in order to address four areas of AML program, including Know Your Customer (KYC) requirements; monitoring, detection and alerts; case management; and reporting.

Founded in 1929 in Reykjavik, Arion Bank is an Icelandic bank offering universal financial services to companies, institutional investors and individuals.

Founded in 2016 in Dubai, Mercury Payments Services is a domestic payments scheme that offers payment solutions and connects consumers, banks, the government entities and businesses to facilitate payments in the region.

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