In a bid to tackle cybercrime in financial institutions, CWG Plc in partnership with CustomerXPs has unveiled Clari5, a software that creates real-time intelligent solutions to empower and support transactions in financial institutions.
Moruf Yusuf, chief technology officer, CWG, made the disclosure while speaking to journalists in Lagos recently
He said the CWG partnership with CustomerXPs started in 2019 in a bid to ensure cyber-crime is tackled in Nigeria’s financial industry, noting that the partnership was overdue.
On the benefits of the partnership, Yusuf said the two companies have been able to onboard one of the largest financial institutions in Nigeria with three Ghanaian banks on its platform.
“We are also in discussions with other banks in Nigeria too to see how we can bring them on our platform. We are able to do this because we have a solution that can prevent fraud in real time online. Other solution competitors in this space do not have the kind of superior technology that we have and for that our clients are happy that they came onboard with us.
“Beyond that, we have actually done so many Proof of Concepts (POCs) and we are sure that before the end of this year, we are going to add more logos to the list of clients that we have.
“We have also been able to customize our solution to meet the Central Bank of Nigeria (CBN)’s requirements. Beyond that, we have good local support and interestingly, we are not affected by the dollar regime and because of this unique partnership, we are able to accept local currency payments. We are also connected to all the payment channels so that if any transaction is to take place, we are the first to know and to determine if it is fraudulent or not.
“Other solution competitors in this space do not have the kind of superior technology that we have and for that our clients are happy that they came onboard with us,” Yusuf explained.
Also speaking, Olatunji Kehinde, CWG’s business director, Financial Services & Insurance, said that as expansion and transformation is going on in the technology space, there are developing threats.
Olatunji who identified cyber security as one of these threats, also described the threat as one of the greatest risks to the evolution of the fourth industrial revolution.
He said “our job is to help our customers engage confidentially in this new era. Customers can transact e-commerce and other electronic transactional confidently knowing they have a platform and tools to keep your company and customer safe and secured.”