The leading information technology company CWG, is partnering with Banking Enterprise Financial Crime Risk Management products company Clari5 to jointly assist African banks combat enterprise fraud and money laundering, reports ITREALMS.
The Group Chief Executive Officer (GCEO), CWG, Adewale Adeyipo, confirmed this on Monday, June 8, noting that 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,” he said, stressing that they are excited to partner with Clari5.
He also said that 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,” Adeyipo said.
Clari5 CEO, Rivi Varghese, said they believe that the best way to combat fraud and money laundering is with a solution that could 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,” Varghese said.
ITREALMS gathered that CWG with over two decades behind its establishment is an ISO 9001 certified technology conglomerate setting benchmark for technology and service excellence on the continent by consistently delivering service excellence using global best practices.
In addition, CWG which commenced operations in Nigeria in 1992 as Computer Warehouse Limited primarily to cater to hardware projects, had in 1994, CWG established DCC Networks as its communications arm to provide VSAT, Metropolitan, Wide / Local Area Networks to corporates. In 1997 CWG acquired Expert Edge Software to address demands in software solutions, systems and training.
In 2003, the company established a Ghana branch for the needs of the West African region and in 2005 CWG was incorporated to provide centralized management to make its subsidiaries leaner, efficient and more customer-centric.
In 2012, CWG merged with its three subsidiaries. In pursuit of its pan-African vision, CWG established other regional offices in East and Central Africa – CWG Uganda Limited (2010) and CWG Plc Cameroon Limited (2012). In 2013, CWG became a Public Company and listed its shares on the Nigerian Stock Exchange. The listing boosted the market capitalization of the NSE by about N14 billion, making it the highest market capitalization for ICT. It also marked the first listing on the exchange after the launch of its X-Gen trading engine that is also used on NASDAQ. www.cwg-plc.com
Equally for Clari5, ITREALMS gathered is an endorsed category leader in Financial Crime Risk Management Systems for Enterprise Fraud by Chartis Research, Winner of IBS Intelligence Global Fintech Innovation Award, Best Fraud Detection Product Award by Risk.net and ranked consistently in global RiskTech and Regtech Top100 rankings and quadrants, Clari5 redefines real-time, cross-channel banking Enterprise Fraud Management using a central nervous system approach to fight financial crime.
“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, AI, ML, Decision Sciences & Real-time Decisions, Clari5 processes over 10 bn transactions, manages over 500 mn accounts and reliably secures 4 per cent of the global population’s banking transactions.
With 200 million accounts at a single site, Clari5 has the world’s largest implementation of a fraud management solution. Marquee banking customers across 15 countries who trust Clari5 for driving their fraud management strategy are recipients of premier global industry acclaim, including IBS Intelligence’s Global Fintech Innovation Award for Most Innovative use of AI and ML, The Asian Banker Operational Risk Technology Implementation of the Year Award and Celent’s Model Bank of the Year.