Utilising Fiserv technology, Dollar Express (DolEx) and its affiliate, Europhil have announced the elevation of their AML process and technology.
DolEx, a provider of retail financial services in the U.S. and Spain, offers wire transfers and a plethora of other services through more than 500 proprietary retail stores and over 2,500 agent locations, facilitating more than $4.5 billion in volume each year.
The company will implement cloud-based versions of AML Risk Manager and Payment Fraud Manager from Fiserv, deploying the solutions via Amazon Web Services (AWS) as part of its overall technology strategy.
Mario Trujillo, Chief Executive Officer, DolEx Dollar Express commented: “DolEx provides essential financial services to underserved consumers, and we are focused on delivering excellent service and value.
“By using Fiserv technology we will further strengthen our already robust AML processes. We will gain additional efficiency, scale and flexibility, which will enable better interactions and improved frictionless customer experiences. Think of DolEx as Fintech for the underbanked.”
AML Risk Manager provides advanced customer risk profiling, risk scoring, transaction monitoring and know your customer (KYC) capabilities, and Payment Fraud Manager is a comprehensive cross-channel monitoring and interdiction solution for electronic payments.
The solutions utilise sophisticated techniques such as machine learning to detect suspicious transactions, leading to more accurate fraud detection and fewer false positives.
This helps to eliminate the inconvenience and delay caused when legitimate transactions are flagged for investigation, benefiting both customers and staff by facilitating a better experience and more efficient operations.
Pat Korb, president of Financial & Risk Management Solutions at Fiserv added: “We enable clients to deploy technology in the way that works best for them. AML Risk Manager will enable DolEx to enhance their financial crime prevention capabilities while taking advantage of the scalability and flexibility of cloud-based hosting.”