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CWG Plc and Customer XPs Software have unwrapped Clarii5 – a new sophisticated software designed to tackle fraud and money laundering in real time.

Clarii5 offers real-time detection and prevention of cyber threats into the market.

The intelligence solution provides real-time anti-fraud and anti-money laundering capabilities on a unified real-time intelligence platform. It is also a 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.

According to Chief Technology Officer, CWG, Moruf Ireti Yusuf, the partnership with CustomerXPs started in 2019 to ensure that Nigerian banks and other financial institutions have access to globally acknowledged technology to tackle cybercrimes; adding that Clari5 will help the financial industry to checkmate the threats of digitisation while benefitting from global trends.

Already launched in Ghana and on-boarded in three Ghanaian banks, Clari5 is also driving one of the largest financial institutions in Nigeria.

“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,” said Yusuf.

Adding: “Beyond that, we have actually done so many Proofs 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 customise our solution to meet the Central Bank of Nigeria’s (CBN) 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.

According to Chief Executive Officer, CustomerXPs Software, Rivi Varghese,  Clari5 is an “intelligent soul’ for financial transactions as it uses the best of technology to help financial institutions achieve their financial crime risk management.”

COVER IMAGE: CTO @ CWG Plc, Moruf Ireti Yusuf

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