CWG and Clari5 have signed a deal that seeks to aid the efforts of African banks in the fight against money laundering and enterprise fraud. With this deal, Banks all over Africa will leverage on Clari5’s powerful real-time, cross channel capability to manage the risk of enterprise-wide fraud.
CWG, a leading information technology company, has been making an impact in the Information and Communication Technology space in the last 20 years. An ISO 9001 certified technology multinational, CWG has set the standard for technology and service excellence in Africa by the consistent delivery of excellent service through the adoption of global best practices.
While Clari5 is a company that redefines real-time, Enterprise Fraud Management solutions for banks through a central nervous system approach to combating financial crime. Clari5 has been endorsed by Chartis Research as a Category Leader in Financial Crime Risk Management Solutions for Enterprise Fraud. Some of the awards won by CWG are; the Risk.net Best Fraud Detection Product Award, and the IBS Intelligence Global Fintech award for Innovation. CWG has consistently featured in the global Regtech and RiskTech Top100 rankings and quadrants.
According to Rivi Varghese, the CEO of Clari5, “We believe that the best way to combat fraud and money laundering is with a solution that can behave like the human central nervous system to synthesize intelligence from across all channels of the bank in that very moment when it matters most.”
He continued; “Clari5’s proven real-time product capability in thwarting financial crime, coupled with CWG’s unparalleled market reach and rich legacy of engagement successes makes it a compelling value proposition for innovative African banks to prevent bottom-line losses to financial crime. We are both proud and delighted to partner with CWG – the legendary African technology leader.”
While commenting on the level of sophistication that the pan-African money laundering and fraud landscape has attained over the past couple of years, Harriet Attram Yartey, the Managing Director of CWG Ghana, stated that banks are ardently searching for more efficient solutions to tackle the menace. She went on further to say; “We are tremendously excited to partner with Clari5.”
She added; “But dealing with the new reality is beyond the league of conventional, siloed anti-fraud solutions. With Clari5, banks now the power of a world-class enterprise-wide real-time financial crime management solution that has been changing the way banks fight financial crime.”
CWG, an organisation with a drive to deliver turnkey ICT solutions such as software, hardware, and communication, began operations in Nigeria in 1992. Then it was known as the Computer Warehouse Limited, and its major remit was to cater to hardware projects.
CWG set up DCC Networks in 1994. A communications arm created to provide Metropolitan, VSAT, as well as Wide and Local Area Networks services to corporate organisations. In 1997, the company acquired Expert Edge Software to handle its client demands for software solutions, systems, and training.
CWG Ghana, an autonomous subsidiary of CWG Plc., was established in 2003 to provide services to the West African region. In 2005, CWG was incorporated to deliver centralised management so its subsidiaries can be leaner, more customer-centric, and more efficient. 2012 saw a merger of the three CWG subsidiaries, and to realise its pan-African vision, the company created its East and Central Africa regional offices – CWG Uganda Limited in 2010, and CWG Plc Cameroon Limited in 2012. CWG became a public company in 2013 when it listed its stocks on the Nigerian Stock Exchange.
Clari5 utilizes a ‘human brain like’ strategy to combat fraud that creates enterprise-wide intelligence and provides real-time contextual insights to prevent fraudulent transactions. Clari5 offers a bolt-on system that requires no replacement while featuring a compact implementation cycle that provides an extremely fast ROI.
Tying together the combined power of AI, ML, Automation, Decision Sciences, and Real-Time Decisions, Clari5 manages over 500 mn accounts, processes more than 10bn transactions, and reliably safeguards the banking transactions of 4% of the world’s population.
Clari5 has 200mn accounts at a single site; the largest application of a fraud management system in the world. Some of Clari5’s top banking customers who have entrusted the company with driving their fraud management strategy are winners of foremost global industry commendation, including the Global Fintech Innovation Award from IBS Intelligence for the Most Innovative use of ML and AI, the Model Bank of the Year award from Celent, and the yearly award for Operational Risk Technology Implementation from the Asian Banker.