Ovations partners with Arachnys to deliver risk intelligence solutions for banks, financial institutions in SA

Partnership to deliver key technologies for financial institutions to meet all requirements of the 2017 Financial Service Providers (FSP's) Financial Intelligence Centre Amendment Act.


Johannesburg, 30 Oct 2018
Read time 1min 40sec

Ovations, the local ICT systems integration and business process specialist, has officially been appointed a reseller partner for Arachnys, a leader in the emerging customer risk intelligence market.

The partnership delivers the Arachnys Customer Risk Intelligence (CRI) platform to the South African market to provide an always-on, always accurate view of an entity, risk decisioning tools to prevent bad actors before they exploit a financial institution, and acquires, curates and orchestrates risk content for precise decisions.

The firms will provide a comprehensive solution for South African financial institutions to streamline their research and investigations processes, decrease the time to onboard valued clients, improve transaction monitoring alert remediation, as well as deliver more precise enhanced due diligence results.

"The partnership is a result of the ongoing work we are doing with a number of leading South African banks and financial institutions. Arachnys and its Know Your Customer, Anti-Money Laundering and Enterprise Enhanced Due Diligence solutions extend and accelerate their current compliance offerings," said Jaco van der Merwe, principal consultant at Ovations. "Our clients have already expressed significant interest in the Arachnys Customer Risk Intelligence platform to improve their compliance efforts."

"This partnership drives our geographic expansion into the South African market and the wider African continent," said Edo de Vries Robbe, vice-president partnerships at Arachnys. "Ovations has the insight, technical skills and experience to assist Arachnys in delivering customer risk intelligence solutions for compliance and financial crime prevention."

The Financial Intelligence Centre Amendment Act, 2017 (FIC Amendment Act) came into effect on 2 October 2017 and has forced financial services providers to move to a risk-based (rather than a rules-based) approach, modernising the way institutions conduct customer due diligence in relation to financial transactions. Financial institutions will need to be fully compliant with the act by 2 April 2019.

Arachnys

Arachnys is a leader in customer risk intelligence. Arachnys powers the investigative minds who secure our world. The company's cloud-native, risk intelligence platform enables financial institutions worldwide to thwart bad actors, prevent financial crime, and ensure their KYC, AML and CDD/EDD capabilities support regulatory compliance demands. The Customer Risk Intelligence platform reduces operational costs and accelerates topline revenue. Celent, a leading financial services research and advisory firm, recently recognised Arachnys for its innovative Robotic Process Automation solution for KYC/EDD.

Arachnys is the registered trademark of Arachnys Information Services, headquartered in London with offices in New York. The Arachnys logos and product brands are trademarks/service marks of Arachnys. For more information, please visit www.arachnys.com. Follow Arachnys on Twitter and LinkedIn.

Ovations

Using the right combination of people, process and technology remains the Ovations approach to the fast-changing IT and business landscape. Ovations helps many of South Africa's largest organisations to achieve sustainable business improvement results with technology. Ovations' core service offerings and technical expertise includes services and solutions around data and analytics, business process and case management, enterprise content services, business transformation and enterprise architecture, risk and compliance, integration and services-orientated architecture, digital services, IT service management, professional service augmentation and the cloud. Today, Ovations helps its customers develop bespoke solutions tailored to their business, as well as partner with leading global vendors, ensuring the technology solutions Ovations delivers meet the business need. For more information, visit www.ovationsgroup.com.

Editorial contacts
Ovations (011) 658 8500 ChettC@Ovationsgroup.com
Have your say
Facebook icon
Youtube play icon