CWG Plc has entered into strategic partnership with Clari5 to help African banks combat enterprise fraud and money laundering.
Quoted on the Nigerian Stock Exchange (NSE), CWG is a leading Nigerian information and communication technology company. Clari5 is a global leader in financial crime risk management systems. With 200 million accounts at a single site, Clari5 has the world’s largest implementation of a fraud management solution.
Through the strategic partnership, CWG and Clari5 will provide solutions to African banks to counter enterprise-wide fraud and money laundering risk. Banks across Africa will now benefit from the unparalleled advantages of Clari5’s extreme real-time, cross channel, enterprise-wide fraud risk management capability.
Group Chief Executive Officer, CWG Plc, Mr Adewale Adeyipo, at the weekend said 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.
He however noted that dealing with the new reality is beyond the league of conventional, siloed anti-fraud solutions noting that with Clari5, banks now have the power of a world-class enterprise-wide real-time financial crime management solution that has been changing the way banks fight financial crime.
Chief Executive Officer, Clari5, Rivi Varghese, explained 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.
According to him, 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,” Varghese said.
Clari5 uses a ‘human brain like’ approach to fraud that synthesizes intelligence enterprise-wide and delivers contextual insights in real time to stop fraudulent transactions. Clari5 is a bolt-on system, requires no replacement and features a compact implementation cycle with extremely quick ROI.
Harnessing the combined power of automation, artificial intelligence, decision sciences and real-time decisions among others, Clari5 processes over 10 billion transactions, manages over 500 million accounts and reliably secures four per cent of the global population’s banking transactions.