What is Clari5?
Founded in 2006 and 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% of the global population’s banking transactions. With 200 mn 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.
Clari5 exists for all banks exposed to the global $4 trillion (source: ACFE Report to the Nations, 2020) problem of Financial Crime. Financial institutions globally are under increasing pressure to rapidly detect, prevent, and block cross-channel fraud and financial crimes across banking channels, products, and core systems in real-time. Financial Crime threats are even more alarming during the COVID-19 pandemic, with newer varieties of sophisticated and high-value frauds being reported.
Combating fraud becomes dramatically more effective when banks unify all fraud management into a single platform. This requires massive compute and data management to happen in real-time, in the moment as transactions are happening, within the short transaction window.
Clari5 addresses the two primary areas of Financial Crime Risk Management - Enterprise Fraud Management and Money Laundering. The problem that Clari5 solves - Financial Crime Risk, is also common to other players in the value chain, i.e. retailers, payment gateways, payment networks, and banks.
Clari5 is capable of managing fraud across all channels including Branch, Payment Cards, Internet Banking, and Mobile Banking for all lines of a bank’s business – using a ‘Segment Of One’ approach because banking is the only industry that has the ‘soul’ of the customer (as the entire life of the customer has gone through it). Bringing to bear this 'soul' to bear in real-time for every transaction, makes every interaction an intelligent 'segment of one' interaction.
Clari5 protects the bank’s bottom-line by reducing fraud losses with effective cross channel fraud management, protection against revenue leakage, reducing the cost of compliance, proactive regulatory reporting, and managing process compliance. Customers are reporting over $30 million/year of savings to the bottom-line.
Clari5 improves the bank’s top line. An offshoot of real-time fraud management is that a bank can convert the investment into a revenue-generating activity by using positive cases post fraud assurance in real-time. This could also include real-time 24x7 revenue recovery. Some customers have generated over $25 million/year using this approach.
Clari5 dramatically improves productivity. Cross-pollinated intelligence can be used to dramatically improve people's productivity. Banks have reported significant month-on-month savings with respect to TAT (turnaround time) of agents, fraud investigators, branch staff, and relationship managers.
Scalability: Analyzing data from multiple channels and products requires the ability to analyze significantly more data. Channels and products that were previously analyzed independently can now be analyzed together for more complex analyses, removing traditional analytic silos, and the ability to detect real-time cross-channel and cross-product fraud.
Performance: The in-memory column store delivers dramatic analytic performance improvements for real-time detection, prevention, and transaction blocking to better identify and respond to fraudulent actions; to detect suspicious patterns in real-time; and perform real-time analysis of existing and in-flight transactions and activities.
Agility and productivity: Instant access to data and timely reporting improves productivity, real-time collaboration support, and delivery of timely up to date, and accurate indicators to a bank’s fraud risk management team.