International Bank of Qatar Selects Fiserv to Support Compliance and Growth
255 Fiserv Dr.
Brookfield, WI, 53045
Press release date: March 27, 2014
• Financial Crime Risk Management Platform from Fiserv monitors for money-laundering, tax evasion, external and internal fraud across the enterprise
• Bank's rapid growth demands an automated financial crime risk management system to meet increasing regulatory requirements
• Fiserv platform selected for its unique level of flexibility, empowering the bank to quickly add or change scenarios in response to new financial crime threats
Brookfield, Wis. – Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today that the International Bank of Qatar (IBQ), has selected the Financial Crime Risk Management (FCRM) Platform from Fiserv to manage its money-laundering and fraud prevention strategy.
"The bank is growing rapidly and we know that a comprehensive and adaptable fraud and compliance solution is vital to sustainable growth and satisfying regulatory requirements," said Basil Falah, Head of Compliance, International Bank of Qatar. "Fiserv offers IBQ a single solution with a single database to manage all financial crime risk. It is fully equipped with a unique level of flexibility and independence to add or change scenarios in response to ever-changing crime threats."
For IBQ, the vast global experience of Fiserv in mitigating risk related to financial crime was a key factor in the selection. With more than 1,000 financial institutions already using the FCRM Platform worldwide, this knowledge and experience is a vital component of the partnership to help the bank achieve the highest standards of anti-money laundering (AML) compliance and fraud prevention.
"Strong local and global references were vital in helping us make our decision," said Falah. "Fiserv is a well-established global provider of financial services technology and will be a reliable long-term partner as IBQ expands its operations in the coming years."
"Fiserv forged a close working relationship with IBQ during the selection process and we look forward to building on that relationship as we go through implementation and beyond," said Tom Tobin, vice president and general manager, Financial Crime Risk Management, Fiserv. "By providing clients like IBQ with international industry best practices and expert consultants, we can ultimately put them in control of continually evaluating and optimizing their own risk protection as their operations expand and new threats are identified."
The FCRM Platform provides unique abilities for financial crime professionals to effectively and efficiently model, detect, investigate and resolve risks across crimes, channels and product lines. It does so through complex event processing capabilities, designed to address each financial institution's unique and evolving set of financial crime threats and business requirements.
Fiserv is trusted to securely process billions of payments every year and to protect the security and integrity of customer accounts, access channels and financial transactions. Fiserv global systems and services for account processing, payments processing and digital banking are used to manage and access more than 55 million consumer accounts and process transactions totaling over $1 trillion per year. As part of this ecosystem, the FCRM Platform is a logical choice for supporting regulatory compliance and fraud prevention.
• Fiserv Financial Crime Risk Management - http://www.fiserv.com/risk-compliance/financial-crime-risk-management.htm
• International Bank of Qatar - http://www.ibq.com.qa/
About International Bank of Qatar
International Bank of Qatar (IBQ) is a well-established and rapidly growing commercial institution, offering a full range of retail, private and corporate banking solutions. IBQ has a strong commitment to build long-lasting relationships with its customers and provide them with excellent customer service with a focus on making banking simple, convenient and tailored to their needs. IBQ is one of the oldest existing banks in Qatar being established in 1956 and celebrated its 57th anniversary in 2013. The Bank has a network of 6 branches and service centres and 32 ATMs strategically located throughout Qatar.
IBQ has received various international and prestigious accolades which are testament to its position as one of Qatar's leading banks. In February 2013, IBQ was recognized with Euromoney's award for "Best Private Bank for Privacy and Security in Qatar". In 2012, IBQ also received the "Best Private Banking Services Award 2012" for HNWI and Ultra HNWI in Qatar by Euromoney as well. Moreover, IBQ won "Best Retail Bank in Qatar 2011" award from Arabian Business, in addition to the "Best Customer Service" award in 2011, 2010, 2009 and 2008 from Banker Middle East Magazine. In June 2009, IBQ was recognised as "the fastest moving bank in the Middle East" and the 26th fastest mover globally in The Banker magazine's Top 1,000 World Bank survey 2009.
IBQ is 30% owned by the National Bank of Kuwait (NBK), the highest rated bank in the Middle East.
Fiserv, Inc. (NASDAQ: FISV) is a leading global technology provider serving the financial services industry, driving innovation in payments, processing services, risk and compliance, customer and channel management, and business insights and optimization. For more information, visit www.fiserv.com.
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