Fiserv: Unique and Secure Risk Management Solutions

Jeffery Yabuki, President & CEO, FiservJeffery Yabuki, President & CEO
Technology has transformed the banking sector from deploying traditional banking methods to adopting new age practices such as the Core Banking System (CBS)—allowing automation and linking of multiple branches, leading to increased efficiency and reduced manual work. However, with CBS come new challenges pertaining to risk, compliance, and operating protocols. “Fiserv offers a host of fraud and risk management solutions that detect, measure, quantify, and optimize risk to achieve growth, meet regulatory compliance needs, and safeguard client reputation,” says Jeffery W. Yabuki, President and CEO, Fiserv.

With headquarters in Brookfield, WI, the firm offers solutions targeted at managing risk and meeting compliance needs. Fiserv’s Financial Crime Risk Management is a fraud and money laundering detection and prevention solution that facilitates tackling Anti- Money Laundering (AML) and fraud related issues. This helps in providing a strong defense mechanism that removes the risks from the life cycle of a transaction by sharing data across many control points.

For financial risk management and compliance, the firm offers Risk Office, EnFact, TranBlocker, and CardTracker for a wide range of applications like offering credit, market and liquidity risk management, as well as asset and liability management. “Our solutions are focused on addressing the need for rigorous and correlated scenario analysis across a broad range of risk categories and supporting enterprise views,” says Yabuki.Fiserv’s solutions, while providing banking services to customers and financial institutions, ensures safety of customer accounts by maintaining the security of key information like bank details, account numbers, and passwords. Through its risk and compliance solutions Anti- Money Laundering Manager and Fraud Risk Manager, Fiserv efficiently manages risks, ensures customer

confidentiality, and protects financial organizations from financial, reputational, and legal damage.

With the solutions in place, customer information from accounts along with financial and marketing data is analyzed and transformed into actionable insights, enhancing earnings, and managing risk through a process that is compliant with the industry standards. “This collective data helps banks make quick and confident decisions, perform fact-based analysis, understand customer behavior to retain customers and increase profits,” says Yabuki. Fiserv assists banks and financial organizations in gaining a rapid and secure means to accept mobile deposits. It leverages the power of advanced analytics in combination with customer information to reduce false alarms and provide advanced AML detection.

Fiserv’s solutions are being successfully utilized by many clients for guidance in promoting compliance and reducing risk. Apple Federal Credit Union is one such firm that was a victim to fraud until they approached Fiserv. “The client was on the receiving end of a number of attempts at fraud and had incurred heavy losses,” states Yabuki. Fiserv was able to offer the client assistance in incorporating Risk Office and reported an excess of $10,000 saved in six months. The solution works in tandem with other tools from Fiserv like EnFact, TranBlocker, and CardTracker that help the client in creating customized authorization rules and risk tolerance refinements.

Fiserv offers a host of fraud and risk management solutions that detect, measure,and optimize risk to meet regulatory compliance needs and safeguard client reputation

For the future, Fiserv aims to continue developing innovative tools and solutions for banks and financial organizations. “We will continue driving innovation in risk and compliance, payments, and processing services to offer consumers a streamlined and secure channel to conduct their business,” concludes Yabuki.

Fiserv News

NEFCU Moves to Fiserv to Accelerate Digital Transformation

BROOKFIELD - Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today that Long Island, New York-based NEFCU has selected Fiserv to help transform the credit union’s member experience and drive innovation in an increasingly digital banking environment.

NEFCU, one of the largest credit unions in the region, was driven to work with a Fintech leader to accelerate its business strategies. The credit union selected the DNA® core account processing platform from Fiserv for its ability to integrate other solutions through its open architecture and APIs, and its ability to service all loan types from a single system. The move to Fiserv will also enable the credit union to elevate the member experience, facilitate the planned introduction of self-service kiosks and enable branch staff to more easily expand member relationships.

“Our goal is to become the financial institution technology leader on Long Island, and we wanted a core platform that could help us achieve that goal,” said John Deieso, president and CEO of NEFCU. “We needed a core platform that was future-oriented, and a partner committed to continuous investment in its technologies.”

DNA is a modern, unified core account processing platform that provides a holistic view of member relationships, enabling financial institutions to deliver personalized services and more relevant product offerings. Additionally, the credit union will add several integrated solutions from Fiserv including content management and wire transfers, in addition to its existing suite of Fiserv solutions.

“Credit unions are continually looking for ways to meet the rapidly evolving expectations of their members,” said Vincent Brennan, president, Credit Union Solutions, Fiserv. “The right technology can position them to meet those expectations and drive growth as a result. We look forward to enabling the continued innovation of NEFCU as they meet the needs of members for years to come.”

In a world that is moving faster than ever before, Fiserv helps clients deliver solutions that are in step with the way people live and work – financial services at the speed of life.