Pitney Bowes and RCG join forces to offer Fraud Detection Solution
September 22, 2016 – Edison
New Solution helps achieve regulatory compliance and growth while driving up investigative efficiency and driving down costs Edison, NJ, September 22, 2016 – Pitney Bowes and RCG Global Services have joined forces to offer a suite of financial crimes and compliance solutions that helps financial institutions to:
- Increase compliance through the reduction of false negative alerts
- Reduce the investigative burden of false positives through groundbreaking new Event Triage solution
- Greatly increase investigative efficiency with case data pre-gathered with analysis through the RCG|enable™ Investigator Workbench
Poor customer record data and incomplete views of a bank’s customers relationships prevent meaningful and optimized screening and monitoring activities and with fraud often as a precursor to money-laundering activities it is imperative that a bank has robust, trustworthy and current customer data. Financial services firms spend large amounts of money on screening, monitoring and investigations, yet most can only claim opaque and disjointed customer views. Customer information is often siloed, housed in databases on dispersed systems that have no way of communicating with each other. Separate customer profiles may appear in different arms of the bank: In retail banking and mortgage departments, for example, or in commercial banking and credit card divisions. Unresolved identities, incomplete know your customer (KYC) profiles and inaccurate segmentation and risk management data cause major issues in monitoring and screening processes To work effectively, these systems need a clear and complete view of each entity doing business with and through the institution. Inefficient entity resolution puts banks at risk for non-compliance by missing bad behavior or transactions (false negatives). Correcting this can lead to an increase in the amount of alerts, most of which will likely be non-suspicious (false positives). False positives occur far more often, up to 95 percent of the time by some estimates. For those alerts requiring investigation the current inefficient, manual investigative practices leave bank investigators needlessly collecting and collating the required data and documents at the expense of the time necessary to provide the correct level of investigative scrutiny and analysis.
Industry leaders Pitney Bowes and RCG Global Services have joined forces to offer a financial crimes and compliance suite of solutions that enables banks to increase investigative efficiency, improve regulatory compliance and fight financial crime leveraging the same solution required for customer acquisition, retention, upsell and cross-sell purposes that lead to growth. “We’ve developed RCG|enable™ solutions around financial crimes and compliance to aid in the fight against money laundering and fraud in banking as well as fraud detection, prevention and investigation in insurance claims and we’ve integrated Pitney Bowes software and data sets in a number of those,” states Vincent Raineri, senior vice president at RCG Global Services. “Our architects appreciate the benefits of working with Pitney Bowes tools that work well with major Hadoop distributions. Our customers appreciate the benefits of lower costs and higher productivity in their fight against financial crimes and terrorist financing.” The Pitney Bowes solution builds on Pitney Bowes Spectrum® technology and advanced algorithms. It enables banks to drive down the costs of regulatory compliance while simultaneously increasing their capacity to manage their financial crimes obligations through a simple Find, Link and Visualize approach to party record management.
To Learn More
To learn more about how your organization can realize the benefits of improved investigative efficiency and regulatory compliance at a lower cost, contact the RCG or Pitney Bowes representatives listed below:
About Pitney Bowes: Pitney Bowes Entity Resolution for Financial Crimes and Compliance is a software solution that helps banks more efficiently and cost-effectively detect and investigate financial crimes. It builds on Pitney Bowes Spectrum® technology and advanced algorithms so banks can more effectively and cost-efficiently comply with AML mandates, by finding and linking data and by improving investigators’ ability to visualize relationships. Pitney Bowes is a global technology company crafting innovative products and solutions that help clients “get it right” in the complex world of commerce in the areas of customer information management, location intelligence, customer engagement, shipping and mailing, and global ecommerce. Founded in 1920, Pitney Bowes operates around the world, delivering accuracy and precision to more than 1.5 million clients. About RCG Global Services®: RCG has a rich history of providing professional services to the Global 1000 marketplace for over four-decades and is a global provider of Data & Analytics and Business Applications (including QA & Software Testing, Application Management & Maintenance and Agile Development). RCG serves 250 clients and 25 of the Fortune 100 across a range of markets, with special focus on Financial Services, Retail, Healthcare, Entertainment & Hospitality and Energy & Utilities. RCG is based in Edison, New Jersey, with offices nationwide, and an Offshore Delivery Center in the Philippines. RCG was certified as CMMi5 in 2003 and is certified as both ISO 27001 and PCI compliant. (https://rcgglobalservices.com//services/data-analytics/big-data/)