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Author: Vivekananda J

Launched! New IBM LinuxONE Servers Now Available to Help Clari5 Customers Reduce Their Energy Consumption

Posted on by Vivekananda J

We are excited to share that IBM LinuxONE Emperor 4 will be available globally on September 14, 2022, and Clari5 clients will have the opportunity to reduce energy consumption while reaching sustainability targets. IBM and its partners are helping clients, including those in regulated industries such as financial services, build a modern environment that is designed to improve business agility and reduce overall costs. ISVs can leverage the next generation of IBM LinuxONE’s highly secured and sustainable platform to deploy software across environments.
Banks today are overwhelmed by the number of delivery channels they need to manage. To provide a stellar digital experience, a predictable and seamless digital experience across channels is key. Banks must examine the roadblocks in the user’s path to a consistent experience and access to information across all channels. In response, banks have been heavily investing in digital transformation to achieve key objectives, including:

  • Real-time approach to monitor and detect suspicious money laundering transactions
  • Improved regulatory compliance and customer confidence
  • Quicker implementation because of pre-packaged AML scenarios and built-in interfaces for integration
  • Scalable, compute intensive infrastructure leading to reduced TCO

Clari5 is a next gen enterprise platform for real-time intelligence, using the best of technology for the most cost effective real-time intelligent solutions for financial institutions in the financial crime risk management domain.

  • Clari5 real-time intelligence solutions are deployed enterprise wide in some of the biggest global banks.
  • Clari5 Enterprise Financial Crime Management Solution suite provides real-time anti-fraud and anti-money laundering capabilities on a unified real-time intelligence platform.
  • Clari5 Enterprise Fraud Management (EFM) is a real-time Enterprise-wide Fraud Detection, Monitoring and prevention solution that monitors suspicious patterns across transactions, events, users, accounts, systems in real-time and responds with the right action to pass or block transaction or generate real-time alerts for manual investigation.

Deployed on IBM LinuxONE and Linux on IBM zSystems, Clari5 solutions offer a wide spectrum of cross-channel and cross-product capabilities with ease of integration using a variety of mechanisms and pre-built connections.

About IBM LinuxONE Emperor 4

According to an IBM IBV study, almost half (48 percent) of CEOs surveyed across industries say increasing sustainability is one of the highest priorities for their organization in the next two to three years. However, more than half (51%) also cite sustainability as among their greatest challenges in the next two to three years, with lack of data insights, unclear ROI, and technology barriers, as hurdles.
The new IBM LinuxONE Emperor 4 is an enterprise server designed to help reduce energy consumption. For example, consolidating Linux workloads on five IBM LinuxONE Emperor 4 systems instead of running them on compared x86 servers under similar conditions can reduce energy consumption by 75%, space by 50 percent, and the CO2e footprint by over 850 metric tons annually.[1] Integrations with energy monitoring tools on the server also enable clients to track energy consumption.
Built on the IBM Telum Processor,  IBM LinuxONE Emperor 4 supports data serving, core banking and digital assets workloads and is a platform of choice for organizations that value sustainability and security.

Partners with IBM Ecosystem

As a part of the IBM Ecosystem, Clari5 is helping companies unlock the value of cloud investments by implementing the tools and technologies that can help them succeed in a hybrid multicloud world. We are excited to be working closely with the IBM Ecosystem to bring new innovation to our clients. Based on Linux, customers can benefit from open standards and an ecosystem that IBM LinuxONE offers including modern DevOps and a variety of popular software. This can also help to remove operational barriers when customers deploy and manage technologies on cloud-native infrastructure.

1 Disclaimer: Compared 5 IBM Machine Type 3931 Max 125 model consists of three CPC drawers containing 125 configurable cores (CPs, zIIPs, or IFLs) and two I/O drawers to support both network and external storage versus 192 x86 systems with a total of 10364 cores. IBM Machine Type 3931 power consumption was based on inputs to the IBM Machine Type 3931 IBM Power EstimationTool for a memo configuration. x86 power consumption was based on March 2022 IDC QPI power values for 7 Cascade Lake and 5 Ice Lake server models, with 32 to 112 cores per server. All compared x86 servers were 2 or 4 socket servers. IBM Z and x86 are running 24x7x 365 with production and non-production workloads. Savings assumes a Power Usage Effectiveness (PUE) ratio of 1.57 to calculate additional power for data center cooling. PUE is based on Uptime Institute 2021 Global Data Center Survey (https://uptimeinstitute.com/about-ui/press-releases/uptime-institute-11th-annual-global-data-center-survey ). CO2e and other equivalencies that are based on the EPA GHG calculator (https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator ) use U.S. National weighted averages. Results may vary based on client-specific usage and location.

You can find additional resources about IBM LinuxONE Emperor 4 and IBM below:

Why do so many banking enterprise fraud management implementations fail to deliver?

Posted on by Vivekananda J

Why do so many banking enterprise fraud management implementations fail to deliver?

Watch Rivi Varghese, CEO, Clari5 explain the top management pitfalls to avoid while implementing an effective fraud management system in banks.

Channel-based, siloed fraud management systems have been around for over 30 years now and most banks are grappling with a large number of such systems. This is the one reason why banks wanted to move to a cross-channel, real-time enterprise fraud management system. However, a majority of banks are not able to go live with a ‘true’ EFRM system (even after years of implementation), while some banks emerge victorious. An analysis of the situation reveals the primary reasons for these pitfalls.

Top Management Pitfalls to Avoid - Part 1

Any EFRM implementation must have a real-time data intelligence interface with Core Banking from Day 1. Without this EFRM implementation just becomes yet another siloed install.

Top Management Pitfalls to Avoid - Part 2

90% of EFRM implementations fail because of interfacing, especially when one tries to get into the complex interfaces with core systems, beyond the easier structured channel-based interfaces. The root cause of these failures, is vendors creatively, pushing the interfacing requirements to bank’s IT team.

Top Management Pitfalls to Avoid - Part 3

Banks fail to include the cost of sizing and ignore looking at the cost of say what is the overall TCO increase if my requirement increases by 100%. Also, many a times the bank lands up spending 400% in TCO for a 100% growth in requirement.

Top Management Pitfalls to Avoid - Part 4

TCO sensitivity is vital. TCO should include cost of license, AMC, cost of infra, cost of DB, cost of application server, cost of making changes, cost of upgrades, cost of customization over a 5-year period. Many a times we notice that bank pays 500% – 1000% of the original license fees as costs.

Creating Frictionless Banking Customer Experiences During Demanding Times

Posted on by Vivekananda J

Creating Frictionless Banking Customer Experiences During Demanding Times

The pandemic has been having a mammoth socio-economic impact on almost every conceivable aspect and the banking sector too has not been immune. The crisis has put certain critical aspects of the banking universe in the spotlight, including that of customer experience – a vital factor during extreme times. Imperative therefore to re-visit how customers’ digital experiences can be made frictionless during an exceptionally difficult phase.

Striking 2 Birds with 1 Stone: How To Grow Revenue While Preventing Fraud, Using The Same System

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Striking 2 Birds with 1 Stone: How To Grow Revenue While Preventing Fraud, Using The Same System

Imagine an intelligent system that studies customers’ behavioral patterns to detect fraud, is also creating precise personas for the bank’s marketing teams to target campaigns to. The same real-time, context-aware logic/approach used to combat cross-channel fraud can also help enable intelligent, hyper-precise targeted and contextual customer engagements.

Is Fighting Financial Crime a Tougher Challenge For Challenger Banks?

Posted on by Vivekananda J

Is Fighting Financial Crime a Tougher Challenge For Challenger Banks?

Challenger Banks have undoubtedly been a great idea as they have redefined banking with a brand-new model. But they cannot side-step the foundational principle, i.e. banking is a business of trust – something that can be impacted with just one unexpected incident. While their innovative customer-centric strategies make Challenger Banks agile and responsive, the rush to make customer onboarding fast and effortless also makes them more vulnerable to the growing threat of financial crimes.

Why a Customer Intelligent Platform Is The First Step For Saudi Arabian Banks Working Towards PDPL Compliance?

Posted on by Vivekananda J

The Middle East’s data protection regulatory landscape continues to evolve with Saudi Arabia’s newly published Personal Data Protection Law (PDPL) – a first of its kind mandate. The new regulation urges organisations, especially banks, to be responsible custodians of their customers’ data and automate privacy and security operations. To operationalise compliance, banks need to first have in place a real-time, enterprise-wide customer intelligence framework to keep pace with the current digital landscape. Read More

What More Can Mission-driven Banks Do To Tackle Financial Crime?

Posted on by Vivekananda J

What More Can Mission-driven Banks Do To Tackle Financial Crime?

A recent survey by the National Center for Public Opinion Surveys under the King Abdulaziz Center for National Dialogue revealed that 62% of Saudis are exposed to attempts of financial fraud. About 28% of those who were exposed to financial fraud attempts said that there was a relationship between the financial fraud attempt they had been exposed to and a previous activity they had done.

Ciao Dear Cheque! By when will the brave survivor of the digital era depart?

Posted on by Vivekananda J

Ciao Dear Cheque! By when will the brave survivor of the digital era depart?

Cut to the beginning of the last decade when the cheque began going through an existential crisis. With digital payments rapidly creating a cashless economy, the cheque has begun heading for the exit door. But there are vast populations that still rely on cheques for transferring funds, so a complete shift to a cashless / paperless economy & society is still a little away.

Fraud Prevention During COVID-19. Best Practices For Financial Institutions.

Posted on by Vivekananda J

Fraud Prevention During COVID-19. Best Practices For Financial Institutions.

Given the response strategies to the COVID-19 pandemic implemented by federal, state and local governments globally, consumers’ behavioral changes during this phase, and Financial Institutions’ (FIs) staffing and mobility constraints, fraud prevention must be tackled in a different manner.