Fast-Growing Banco CTT Combats Money Laundering with Scalable Solution from Fiserv
Portuguese bank selects anti-money laundering platform to enhance efficiency and meet regulatory requirements
Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, today announced that Banco CTT, one of Portugal’s newest and fastest-growing banks, has selected Fiserv to enable efficient and effective anti-money laundering (AML) capabilities. The scalability and functionality of Fiserv technology will support the bank’s ongoing growth and facilitate a better experience for customers, while managing money laundering risk.
Established in 2016 by the Portuguese Postal Service (CTT – Correios de Portugal), Banco CTT has expanded rapidly, and currently has 212 branches and 390,000 customers.
“As a new, high growth bank we were looking for a reliable and robust AML solution that will efficiently support the evolution of our services, the growth of our clients and fully comply with the demanding AML requirements,” said Miguel Oliveira, compliance officer, Banco CTT. “We chose Fiserv because they met these requirements and could provide our financial crime team with a single solution to monitor for suspicious activity across a wide range of transactions. This allows us to detect money laundering and mitigate risk more effectively.”
More effective and accurate AML monitoring also allows the bank to minimize customer disruption due to investigation of legitimate transactions, enabling a more seamless experience.
The AML Risk Manager solution from Fiserv selected by the bank leverages powerful inference techniques, visualization tools and behavioral profiling, which allows Banco CTT to track risks and monitor for potentially suspect activities. It also provides advanced customer risk profiling, transaction monitoring, and know your customer capabilities.
“The right anti-money laundering technology can do more than equip financial institutions to meet regulatory requirements,” said Andrew Davies vice president, global market strategy, Financial Crime Risk Management, Fiserv. “For new or growing banks like Banco CTT, the right technology provides an opportunity to establish operational efficiencies and positions them to serve an expanding customer base. The commitment of Banco CTT to its customers is evident in their selection of an anti-money laundering solution that will facilitate effective risk mitigation.”
AML Risk Manager is the solution of choice for over 1,200 organizations around the globe, built on the award-winning Financial Crime Risk Management Platform from Fiserv. Because AML Risk Manager is built on this shared platform, adding additional solutions for payment fraud, check fraud or customer risk profiling is simplified.
In a world moving faster than ever before, Fiserv helps clients deliver solutions in step with the way people live and work today – financial services at the speed of life. Learn more at fiserv.com.