Pan-American Life Insurance Group (PALIG), a provider of insurance and financial services throughout the Americas, has selected Fiserv technology to strengthen the efficiency and effectiveness of its anti-money laundering (AML) compliance and risk management program in multiple countries, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

PALIG sought a provider with insurance industry expertise, a global footprint, and flexibility to help streamline AML compliance and fraud and risk management processes. The company selected Fiserv to provide a solution that accommodates country-specific regulations and reporting requirements.

The firm hopes this will improve efficiency for PALIG by enabling it to execute and monitor risk management processes in multiple countries through a single platform.

PALIG is initially deploying the Fiserv solution for use in Panama, the Cayman Islands, Colombia and Costa Rica, with plans to expand to more of the 22 countries where it has operations.

“Effective risk management is an important part of how we do business,” said Steven A. Friedman, executive vice president, chief investment officer, corporate development and strategy, Pan-American Life Insurance Group. “Working with Fiserv will optimize our ability to manage risk in an increasingly complex world so we can continue earning our customers’ trust.”

AML Risk Manager from Fiserv incorporates advanced capabilities that address four areas of an AML risk management program: know your customer (KYC) monitoring, detection and alerts, case management, and reporting.

Fiserv was founded in 1984, and is based in Brookfield Wisconsin. The company partnered with Samsung SDS last year at FinovateSpring to demo the Fiserv Commercial Center: Security & Samsung SDS Nexsign. Earlier this year, Fiserv announced plans to merge with First Data.

North Carolina-based Allegacy Federal Credit Union is moving its core system to Fiserv’s Open Solutions-derived DNA, reports Martin Whybrow of Fintech Futures (Finovate’s sister publication).

The credit union’s president and CEO, Cathy Pace, said: “We needed a comprehensive solution to support our strategy of expanding commercial and member relationships, while providing the efficiency, integration and real-time processing benefits needed to manage our ongoing growth.”

Allegacy Federal Credit Union has opened six new financial centers in the last five years, with one more scheduled for this autumn. At present, it operates out 16 locations and eight high school student-run credit unions.

Allegacy is taking a host of Fiserv applications spanning loan originations, wire services, fraud management, marketing and the creation of personalized statements. It has also signed for Fiserv’s Verifast branch biometric solution, which scans a member’s unique palm-vein pattern and instantly pulls up their account for authentication and increased front-line efficiency.

Allegacy Federal Credit Union is based in Winston-Salem and has $1.43 billion in assets. It is one of the largest credit unions in North Carolina, serving more than 151,000 members.

Founded in 1984 and based in Brookfield, Wisconsin, Fiserv teamed up with Samsung SDS America last year to jointly demonstrate Fiserv’s Commercial Center: Security with Samsung SDS biometric authentication at FinovateSpring 2018.

Allegacy FCU is the latest FI to collaborate with Fiserv. Earlier this month, Fiserv announced a trio of new Canadian credit union partners that would deploy the company’s DNA solution. Also this month, Mercury Payment Solutions and Arion Bank – headquartered in Dubai and Iceland, respectively – announced they had selected Fiserv’s AML solution, AML Risk Manager.

Fiserv has gained three Canadian credit unions for its DNA core system, reports Martin Whybrow of Fintech Futures (Finovate’s sister publication).

These are Carpathia Credit Union, based in Winnipeg, Manitoba, and Toronto-based duo, Estonian Credit Union, and Parama Credit Union.

Canadian service provider, Celero, has been recruited to work on the projects, having implemented Fiserv solutions at other Canadian credit unions over the years.

Drivers given for the decision include a desire to automate and streamline operations, simplify the creation of new products, and activate a full range of integrated digital services for their members.

Among other reasons for the selection, Nick Rawluk, CEO at Carpathia Credit Union, cites, “the proven track-record of continuous investment in DNA”.

DNA, which Fiserv acquired with Open Solutions in early 2013, is used by more than 100 credit unions in Canada, including 60 of the top 100 based on assets, serving more than 1.2 million members.

The Microsoft and Oracle-based system started life in the early 1990s as The Complete Banking Solution (TCBS). From the outset there was a credit union version with the same code base, The Complete Credit Union Solution (TCCUS), and this has always been a strong sector for the system.

Fiserv recently appeared on the FinovateSpring 2018 stage alongside Samsung SDS, where the two showcased how Samsung SDS integrates its biometric authentication and collaboration solutions into Fiserv’s Commercial Center: Security (CC:S) to create a more secure and convenient digital banking experience. Some of the company’s recent partners include Eurasian Bank, NBT Bank, and Hellenic Bank.