CWG, CustomerXPs Launch Clari5 To Tackle Financial Crime
CWG PLC has partnered CustomerXPs to unveiled Clari5, a sophisticated software that creates real-time intelligent solutions that provide cyber security for financial institutions in Nigeria and beyond.
Chief Technology Officer, CWG, Moruf Yusuf, made the disclosure while speaking to journalists in Lagos recently
Yusuf said the partnership was overdue, noting that the CWG partnership with CustomerXPs started in 2019 in a bid to ensure cyber-crime is tackled in Nigeria’s financial industry.
He said the collaboration has been a significant help in leading Nigerian banks to overcome the challenges of financial crime.
On the benefits of the partnership, Yusuf said the two companies have been able to onboard one of the largest financial institutions in Nigeria with three Ghanaian banks on its platform.
“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.
“We have also been able to customize our solution to meet the Central Bank of Nigeria (CBN)’s 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 explained.
He explained that the software which has been brought in a short time meets not only the customers’ needs but also regulators’ requirement.
Also speaking, the CWG’s Business Director, Financial Services & Insurance, Mr. Olatunji Kehinde, said that as expansion and transformation is going on in the technology space, there are developing threats.
Olatunji who identified cyber security as one of these threats, also described the threat as one of the greatest risks to the evolution of the fourth industrial revolution.
He said “our job is to help our customers engage confidentially in this new era. Customers can transact e-commerce and other electronic transactional confidently knowing they have a platform and tools to keep your company and customer safe and secured.”
In his contribution, the Chief Executive Officer, CustomerXPs Software, Rivi Varghese, said the software is connected to everything in the financial institutions starting from mobile, internet banking, Automated Teller Machines (ATMs), banking hall amongst others and added 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 added.
CWG is a Pan-African systems solutions company which specializes in a wide array of IT services including: communications, and integration services, infrastructure services, managed and support services, cloud services, and software.
As a leading provider of IT services across Africa, CWG operates a firmly established partnership network which connects businesses, enterprises, governments, customers, and consumers, utilizing value-added services to help them efficiently drive processes, and improve across their respective activities.
With over two decades of immense contribution to the Information Communication and Technology Sector, CWG has continuously remained a benchmark for excellence in Africa. We believe in and pursue an excellent service culture, and deliver our operations through global best practices using its ISO9001 certification process across the entire group.
Over time, we have received a number of accolades from our partners, clients, customers, media and professional bodies as a result of our service excellence and increased performance. Most recently, The World Economic Forum (WEF) recognized CWG as a Global Growth Company.
CustomerXPs is a Bengaluru-based software product company providing financial crime risk management and customer experience management solutions to banking institutions. Founded in 2006, the company sells its financial crime risk management software product under the brand name Clari5.
