The Oracle solutions will help the bank to meet regulatory and reporting obligations | By Eki Toju
Oracle, on Tuesday, announced that the First Bank of Nigeriahas successfully deployed the Oracle Financial Services Know Your Customer and Oracle Financial Services Regulatory Reporting Solution, which will helpthe bank meet rigorous regulatory and reporting obligations.
The bank has also upgraded its Oracle Financial Crime and Compliance Management Platform for Financial Services and Oracle Financial Services Anti Money Laundering solutions.
FirstBank is the first in the region to deploy theseservices. The integrated componentswillenable the bank to accomplish a risk-based transaction monitoring programmeto monitor suspicious and fraudulent activities and help combat financial crime.
It also enables automated customer risk profiling, so that the bank can have a 360-degree view of their customers’ activities for easy monitoring purposes.
Employing a single platform to meet all anti-money laundering, know-your-customer and regulatory reporting needs, First Bank will be able to significantly reduce operational costs and manage day-to-day operations more efficiently.
It will be recalled that the bankfirst deployed Oracle Financial Services AntiMoney Laundering in 2007.
