CustomerXPs, a leading provider of real-time financial crime, risk and compliance software for the global banking sector, has been recognized as an Enterprise Solution in the Chartis RiskTech Quadrant for Enterprise Fraud Technology. The RiskTech Quadrant measures vendors’ completeness of offering and market potential attributes. Chartis provides research and analysis on the global market for risk management technology.
Chartis maintains that financial crime risk management remains an area of significant growth, with global IT expenditure predicted to increase throughout 2016 and beyond. It says the growth is being driven by two factors – a tightening regulatory environment where sanctions, money laundering, transaction monitoring and KYC violations can lead to fines of billions of dollars and a technological environment where potential fraudsters have been empowered by the anonymization, automation and dissemination of information technology, and where financial institutions are increasingly exposed on multiple fronts.
Says the report: “Enterprise solution providers have a clear strategy and vision for providing risk management technology platforms. They are characterized by the depth and breadth of their technology capabilities, combining functionally rich risk applications with comprehensive data management, risk analytics, and business intelligence technologies. A key differentiator is the openness and flexibility of their technology architecture and their ‘tool-kit’ approach to risk analytics and reporting. Enterprise solution providers support their technology solutions with comprehensive infrastructure and service capabilities, ensuring best-in-class technology delivery. Moreover, enterprise solution providers have clear strategies for combining risk management content and data with their risk management software to provide an integrated one-stop-shop for risk technology buyers.”
Peyman Mestchian, managing partner at Chartis, said CustomerXPs has a clear strategy for providing financial crime risk management technology to banks across the globe. Its strong real-time fraud management capabilities coupled with comprehensive cross-channel and cross-product coverage ensured its position on the RiskTech Quadrant, he added.
Rivi Varghese, CEO, CustomerXPs, said the company’s unique Central nervous system approach ensures that banks now have a unified cross-channel, cross-pollinated and real-time enterprise fraud management system. Such a system brings to bear the entire collective wisdom in the short transaction window itself.
He said Chartis recognizing CustomerXPs is a reflection of the company’s massive customer success. Incidentally the company also has the world’s largest implementation.
CustomerXPs is also ranked in Chartis RiskTech100 consistently since 2015, which is globally acknowledged as the most comprehensive study of the world’s most significant risk and compliance technology companies.
