Firms Launch Clari5 to Stem Frauds in Financial Institutions

CWG Plc and Customer XPs Software have launched new sophisticated software that provides real-time detection and prevention of cyber threats into the market.

The software, known as Clarii5 is a real-time intelligence solution that provides real-time anti-fraud and anti-money laundering capabilities on a unified real-time intelligence platform. It is also a fraud detection, monitoring and prevention solution that monitors suspicious patterns across transactions, events, users, accounts, systems in real-time and responds with the right action to pass or block transaction, or generate real-time alerts for manual investigation.

Moruf Yusuf, chief technology officer, CWG, said Clari5 would help the financial industry to checkmate the threats of digitisation while benefitting fro the global trend.

He explained that the partnership with CustomerXPs started in 2019  to ensure that Nigerian banks and other financial institutions have access to globally acknowledged technology to tackle cybercrimes.

He outlined that the product, which has also been launched in Ghana has started off to well as it has already on-boarded one of the largest financial institutions in Nigeria and three Ghanaian banks.

“We are also in discussions with other banks in Nigeria too to see how we can bring them on our platform. We are able to do this because we have a solution that can prevent fraud in real time online. Other solution competitors in this space do not have the kind of superior technology that we have and for that our clients are happy that they came onboard with us.

“Beyond that, we have actually done so many Proof of Concepts (POCs) and we are sure that before the end of this year, we are going to add more logos to the list of clients that we have,’ he added.’

“We have also been able to customise our solution to meet the Central Bank of Nigeria’s (CBN) requirements. Beyond that, we have good local support and interestingly, we are not affected by the dollar regime and because of this unique partnership, we are able to accept local currency payments. We are also connected to all the payment channels so that if any transaction is to take place, we are the first to know and to determine if it is fraudulent or not.

“Other solution competitors in this space do not have the kind of superior technology that we have and for that our clients are happy that they came onboard with us,” Yusuf said.

Rivi Varghese, chief executive officer, CustomerXPs Software, described Clari5 as an “intelligent soul” for financial transactions as it uses the the best of technology to help financial institutions achieve their financial crime risk management.

According to him,  Clari5 real-time intelligence solutions are deployed enterprise wide using commodity hardware in some of the biggest global banks with the solution suite providing real-time anti-fraud and anti-money laundering capabilities on a unified real-time intelligence platform.

“CWG is in partnership with Clari5 to help African banks combat financial crime in real-time. When economy start growing, financial growth start increasing in the country, and fraud happens.  This is a moment of growth for Nigeria because the best of technology for crime management is meant for Nigeria and that’s why we’re working with CWG

“Based on our experience, we are a global category leader and we have 60 banks as a subscriber. You know, in almost every bank, they will recover a couple of multiple times their investment in the same year itself in terms of preventing frauds. So, let’s say, for putting a solution like this, they spent $10; they would have recovered $40 to $50 in one year” Varghese said

He explained that the software would be connected to everything in the financial institution starting from mobile, internet banking, Automated Teller Machines (ATMs), banking hall among others adding that the software is constructed in a way to identify details of the customers before agreeing to a transaction.

“When the details of the customer do not correspond or when there are too many enquiries on the customers’ details or there is a suspicion on the transaction, it automatically blocks the account of the customers to ensure it is not hacked.

“This is why we are bringing this concept to Nigeria because payment is slowly becoming faceless and with the unprecedented growth of cybercrime, there is a need to leverage on this concept so that the severity of fraud is reduced,” Varghese said.

Mr. Olatunji Kehinde, business director, Financial Service Institution, CWG, noted that as digitization leads to increased expansion and aess, there are also developing threats.

He identified cybercrime as one of such threats that must be talked in order to ensure that customers can transact e-commerce and other electronic transactions confidently.

“We are all opportune to be alive at this wonderful time in history. Wonderful because we’re seeing the growth of technology more than ever before affecting all spheres of life in a very transformative way. But as that expansion and transformation is going on, there are challenges and threats. One of these threats-cyber security threat; is one of the greatest risks to the evolution of what we call the fourth industrial revolution

“So our job is to help our customers to be able to engage confidently in this new era. You want to do ecommerce,  you want to do electronic transactions, you can do it confidently knowing that you have the platforms and the tools to keep your company and your customers safe and secure,” Kehinde said