August 08, 2022
Xilligence announces strategic partnership with Clari5 to help Middle East Banks combat financial crime in real-time
Xilligence has announced that it has partnered with Clari5, the category leading banking financial crime management product innovator to help Middle East banks combat enterprise fraud and anti-money laundering, in real-time. Given Clari5‘s multiple successful enterprise financial crime management solution implementations worldwide, especially in the Middle East and GCC, Clari5 was Xilligence‘s partner of choice.
The strategic plan is to help launch each other‘s products and service support as part of the mutual partnership. This involves managing contacts, providing information and documentation, assisting in implementing and supporting the after-sales support function. "For us, it‘s about increasing the awareness of efcom in the markets mentioned, expanding the offering to other markets and supporting financial institutions locally to build a factoring business with factoring as a service. We believe we have in Xilligence a first-class partner on board who will stand by us." agree Arnulf Roman (CEO efcom) and Federico Avellán Borgmeyer (CPO efcom) when signing the partnership agreement.
Middle East countries have been accelerating the pace of banking and capital market regulations reforms and modernization to enhance sophistication and accommodate the needs of market players. Simultaneously, banking and money exchange sectors have been recording large numbers of suspicious alerts. In view of these developments, the Central Bank of Kuwait has been requiring traditional as well as digital banks to augment existing anti-fraud defense mechanisms.
Given this context, the Clari5 - Xilligence alliance is intended to help Middle Eastern banks seeking advanced, real-time, cross-channel financial crime management capability and comply with Central Bank of Kuwait's regulatory guidelines.
Message from Xilligence CEO
The Middle East banking sector is a vital component in the region's growing economy. It is imperative that Middle East banks have a proven, real-time solution that helps overcome their fraud management and AML compliance challenges and enables focusing on growth. We are therefore excited to partner with Clari5 – global category leaders for real-time banking financial crime management solutions who share our vision to provide ‘nothing-but-the best' for clients. I look forward to our partnership bringing advanced, real-time enterprise fraud management and AML solutions capability to Middle East banks.
Message from Clari5 CEO
The challenges of the day demand that fraud risk management and AML compliance are dealt with in a unified, real-time, enterprise-wide manner. The Middle East banking sector, despite being technologically advanced, is equally vulnerable to threats just as much as banks in other parts of the globe. Our real-time product category leadership, together with Xilligence's impressive client footprint and technology leadership, delivers a compelling value proposition for Middle East banks to prevent bottom-line losses to financial crime. I am delighted that this partnership will usher in a whole new standard for Middle East banks to prevent financial crime.
Xilligence is a product engineering company with a head office in Toronto, Canada, and offices in India, Singapore, and UAE. Operating in North America, Southeast Asia, the Middle East, and Australia, Xilligence focuses on providing world-class technology services and solutions for our clients and partners. We work hard to ensure that our values of integrity, respect for others, accountability, and good citizenship are reflected in how we operate as a company. Xilligence partners with progressive organizations worldwide to address their technology needs. From smartphones to the web, from desktops to the cloud, from Al to Big Data, Xilligence helps start-ups as well as large global enterprises navigate today's advanced technology landscape to stay competitive.www.xilligence.com
Clari5 is a category leading banking financial crime management product innovator that exists for mission-driven banks that are exposed to the global $4 trillion problem of fraud. Clari5 is now processing 10+ billion transactions and managing 700+ million accounts across marquee banks worldwide. With 200+ million accounts at a single site, Clari5 has the world's largest implementation of a fraud management solution.
Learn more at:www.clari5.com