FirstRand selects Fiserv KRM

FirstRand Banking Group, one of SA's largest financial institutions, has selected the Fiserv KRM solution to enhance its risk management processes in asset and liability (A/LM) management, liquidity and funds transfer pricing to replace its existing legacy application, reports Finextra.

"Fiserv has extensive knowledge and expertise in this industry and has a strong reputation for delivering on time and on budget. This is why Fiserv KRM was the obvious choice," said Jaco van der Walt, head of macro portfolio management at FirstRand.

Fiserv KRM enables the bank to assess risk on an integrated basis across A/LM, liquidity and credit, and it breaks the traditional paradigm that views risk in silos.

The [Nigerian] banking system is awash with complaints of the “mysterious” disappearance of funds from customers' accounts, as statistics show that not less than 30 million dangerous ATM cards are carried about by innocent citizens, states Next.

Experts say these toxic ATM cards, also known as magnetic stripe, are highly prone to fraud, as they can easily be cloned once fraudsters get hold of certain information from a genuine card; they can then swipe the band of magnetic material on the card, which contains vital data, past a card reader or reading head.

The controversial magnetic stripe card, which has brought huge losses to a good number of citizens, was introduced in Nigeria through the banks in August 2003 by InterSwitch, an electronic transaction switching and payment processing company.

Technologists with experience of developing FX platforms are hot property at the moment, as investment banks look to gain a competitive advantage in this sector by pouring more money into IT, according to eFinancialCareers UK.

Independent banking and technology consultant Bob Gifford says a rise in electronic trading in the FX space is spurring more and more firms to look for low latency solutions.

"Spending in these areas appears to be increasing as firms begin to connect to more venues and advance the sophistication of their trading infrastructure," he says.