CWG, CustomerXPs Unveil Software to Tackle Cybercrime in Financial Institutions

Kayode Tokede

CWG Plc disclosed that it is partnering with CustomerXPs to unveiled Clari5, a sophisticated software that creates real-time intelligent solutions that empower financial institutions with deeper customer engagement and fraud-free transactions.

Speaking recently at a briefing with newsmen in Lagos, the Chief Technology Officer, CWG, Moruf Yusuf, revealed that the partnership with CustomerXPs started in 2019 in a bid to ensure cyber-crime is tackled in Nigeria’s financial sector.

While stating that the partnership was overdue, Yusuf noted that the two companies have been able to onboard one of the largest financial institutions in Nigeria, adding that it currently has three Ghanaian banks on its platform.

According to him, “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 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.”

He explained that the software which has been brought in a short time meets not only the customers’ needs but also regulators’ requirement.

He said, “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”.

Corroborating Yusuf, the Chief Executive Officer, CustomerXPs Software, Rivi Varghese, said the software is connected to everything in the financial institutions starting from mobile, internet banking, Automated Teller Machines (ATMs), banking hall amongst others and added that the software is constructed in a way to identify details of the customers before agreeing to a transaction.

“When the details of the customer do not correspond or when there are too many enquiries on the customers’ details or there is a suspicion on the transaction, it automatically blocks the account of the customers to ensure it is not hacked.

“This is why we are bringing this concept to Nigeria because payment is slowly becoming faceless and with the unprecedented growth of cybercrime, there is a need to leverage on this concept so that the severity of fraud is reduced”, Varghese added.

Speaking earlier, the Business Director, Financial Services & Insurance at CWG, Mr. Olatunji Kehinde added that as expansion and transformation is going on in the technology space, there are developing threats.

“One of these threats is cyber security threat and it is one of the greatest risks to the evolution of the fourth industrial revolution.

“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.