Worried by the huge loss of billions in different African currencies to cyber fraudsters and the consequential effect on the continent’s fragile economy, leading information technology company, CWG on Monday (today) announced a strategic partnership with Banking Enterprise Financial Crime Risk Management products company Clari5 to jointly combat the menace headlong.
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.
Speaking on the development, Adewale Adeyipo, Group CEO, CWG said: “We are tremendously excited to partner with Clari5. 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.”
In a similar mood, 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.”
It is expected that as the strategic partnership takes off, Africa will witness a more robust economy with the banks playing a major role.