LuLu Exchange taps Fiserv risk management tech
Written by Chris Lemmon
Cross-border remittance and currency exchange firm LuLu Exchange has selected Fiserv to enhance its financial crime prevention capabilities and enable its expansion into new markets.
LuLu Exchange will implement a cloud-based version of Fiserv’s AML risk management technology, which uses methods such as machine learning to detect suspicious transactions. This system has been designed to eliminate the inconvenience of legitimate transactions being flagged for investigation.
Christos Christou, chief compliance officer at LuLu Exchange, commented: “Our ongoing expansion prompted an evaluation of our AML strategy. Since we are expanding in Asia Pacific and Europe, we wanted a partner that will provide us not only the technology but also the know-how to mitigate risks in these ‘new to us’ markets.
“We were impressed with Fiserv and their financial crime investigation platform, which, in our view, is a user-friendly, stable, fast and well-developed tool for detecting, investigating, and assessing AML risks.”
John Smith, managing director EMEA at Fiserv, added: “Anti-money laundering technology has an impact on the day-to-day work of staff who are tasked with ensuring compliance and mitigating risk, as well as on customers whose transactions can be affected.
“We look forward to supporting LuLu Exchange as they expand into new markets and to providing their team with greater efficiency in managing a growing volume of customer transactions and alerts so they are able to serve customers with the speed, ease and convenience they expect.”