Leading information technology company Computer Warehouse Group (CWG) has announced that it has partnership with Clari5 to help African banks combat enterprise fraud and money laundering. Clari5 is a Banking Enterprise Financial Crime Risk Management products company.
Financial crimes, including fraud, are more serious and more pronounced in the banking sector of the economy and they are one of the biggest single causes of bank failure and distress in the African banking system. According to PWC’s Global Economic Crime Survey 2016, reported ‘economic’ crime has gone up by 7% in Africa over the last two years (to 57% against a global average of 36%).
Through this strategic partnership, CWG and Clari5 will provide solutions to African banks to counter enterprise-wide fraud and money laundering risk. Banks across Africa can now benefit from the unparalleled advantages of Clari5’s extreme real-time, cross channel, enterprise-wide fraud risk management capability.
“We are tremendously excited to partner with Clari5,” said Adewale Adeyipo, Group CEO, CWG. “The pan-African fraud and money laundering landscape has become alarmingly sophisticated over the last few years and clearly banks are seeking more efficient solutions to combat the scourge. But dealing with the new reality is beyond the league of conventional, siloed anti-fraud solutions. With Clari5, banks now the power of a world-class enterprise-wide real-time financial crime management solution that has been changing the way banks fight financial crime.”
Clari5 CEO, Rivi Varghese, added, “We believe that the best way to combat fraud and money laundering is with a solution that can behave like the human central nervous system to synthesize intelligence from across all channels of the bank in that very moment when it matters most. Clari5’s proven real-time product capability in thwarting financial crime, coupled with CWG’s unparalleled market reach and rich legacy of engagement successes makes it a compelling value proposition for innovative African banks to prevent bottom-line losses to financial crime. We are both proud and delighted to partner with CWG – the legendary African technology leader.”
CWG has over two decades of contribution to the Information & Communication Technology sector, while Clari5 is an endorsed Category Leader in Financial Crime Risk Management Systems for Enterprise Fraud by Chartis. Clari5 is also a research, winner of IBS Intelligence Global Fintech Innovation Award and best fraud detection product award by Risk.net and ranked consistently in global RiskTech and Regtech Top100 rankings and quadrants,