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ORACLE BRINGS BIG BANK ANTI-MONEY LAUNDERING PROTECTION TO SMALLER INSTITUTIONS

New cloud application suite helps mid-sized banks stay safe, compliant, and ready for growth

 

Oracle today announced new cloud services to help mid-sized banks combat money laundering and outsmart financial crime. Oracle Financial Crime and Compliance Management Cloud Service brings two decades of experience in fighting big bank financial crime to an easy-to-manage, cost-effective application suite designed for mid-sized banks. The solution powers the full anti-money laundering (AML) lifecycle, so institutions can streamline compliance activities and costs and quickly identify abnormal customer behaviour to stop illicit activity.

Built on the highly secure, scalable Oracle Cloud Infrastructure (OCI), Oracle Financial Crime and Compliance Management Cloud Service’s Transaction Monitoring and Regulatory Reporting applications are available today. Know Your Customer (KYC) and Customer Screening capabilities are expected later this year.

“With criminals getting increasingly sophisticated, mid-sized banks struggle to keep pace with the complexity and cost of fighting financial crime,” said Sonny Singh, executive vice president and general manager, Oracle Financial Services. “We’re leveling the playing field by bringing the same modern crime detection and reporting capabilities afforded to larger institutions to mid-sized banks in a package that suits their unique requirements and cost structures.”

 

Fighting financial crime in the cloud

The application suite delivers the capabilities mid-sized banks need to help them stay compliant and safe, including:

  • An extensive catalog of regulator-accepted AML scenarios developed over years of working with the largest, most complex banks.
  • Built-in tools for custom scenario design, analysis, threshold simulation, and tuning.
  • A centralised, 360-degree view of customers and events.
  • Out-of-the-box regulatory reporting templates to help comply with requirements across key global jurisdictions.
  • The ability to easily scale and configure to support new products.

Oracle Financial Crime and Compliance Management Cloud Service is available today in North America and Western Europe, with additional regions to come. Learn more at: https://www.oracle.com/industries/financial-services/aml-and-financial-crime-compliance/cloud-service/

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EIS INTRODUCES USAGE-BASED INSURANCE SOLUTION THAT UNIFIES PERSONAL AND COMMERCIAL CAR USE FOR CONTINUOUS COVERAGE

Includes Ridesharing Solution Enabling Insurers to Cover Drivers Based on How Far, How Well, When and – Now – Why They Drive

 

EIS, a core and digital platform provider for insurers, today announced the introduction of EIS UBITM, a new Usage-Based Insurance software solution that makes it easy for insurers to price, underwrite, and service drivers based on how far, how well, when and even why they drive. The first iteration of the new offering is EIS UBI for Ridesharing, which bridges the traditional divide between personal and commercial lines and provides drivers with continuous coverage.

“With EIS UBI, we are solving one of the biggest challenges to insurers as consumers increasingly demand coverage tailored to fit their lifestyle, be it infrequent drivers seeking mileage-based policies, safe drivers who want to be rewarded for their good driving habits, or drivers earning income from ridesharing, carsharing, and other commercial uses,” said Joel Yarde, Technology Marketing Lead, EIS. “EIS UBI enables insurers to innovate and deliver products for specific uses, take better advantage of telematics and deliver a great customer experience.”

Through seamless integration of data from a wide variety of telematics and mobile devices, EIS UBI can support multiple models including miles only, driver behavior, change of use, or any combination of these and other factors.

“The pandemic has been a catalyst for the UBI market, as insurers across the size spectrum look to ramp up programs. Programs to support various telematics and usage-based-insurance initiatives, including ridesharing, are becoming increasingly important,” said Mark Breading, Partner, SMA.  “It is vitally important that modern core platforms like EIS offer new capabilities to support these programs.”
Solution for Ridesharing
The first iteration of the new solution is EIS UBI for Ridesharing, which solves the challenge insurers currently face in accurately underwriting and pricing based on “why” the car is in use. Rideshare drivers may cycle through four phases that cross over commercial and personal lines of coverage: off the clock, on the clock waiting for the first customer, pickup and driving to the destination, and on route to the next pickup. However, typical rideshare policies cover only stages with riders in the car.

EIS UBI for Ridesharing enables insurers to provide continuous coverage with accurate rates and premium billing according to each phase of use, whether personal or commercial. Furthermore, it allows companies to embed insurance offers directly into the driver experience through their driver app and enable real-time or near real-time interactions. EIS UBI for Ridesharing is already in use by one insurer to provide quotes and service to drivers of a top three global ridesharing company.

 

Driving Innovation

The foundation of EIS UBI is the powerful and extensive event-driven architecture of EIS Suite that makes thousands of policy, billing, claims and customer management tasks, transactions, and interactions available for creating usage-based insurance products.  EIS UBI is the next generation of usage-based insurance capabilities available in EIS’ PolicyCore policy administration platform.

This enables EIS clients to innovate for a wide variety of scenarios from providing unified coverage for vehicles or equipment used for personal and agricultural use, to public and private carsharing, and commercial fleet.

“EIS UBI provides insurers with the tools to create and deploy usage-based products for today’s sharing economy, and to ‘future proof’ their offering as new models of car usage emerge,” said Yarde. “EIS clients have embraced the capability to create new auto coverages and use EIS UBI as a platform to test-and-learn new product innovations.”

 

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ONGUARD WELCOMES ADRIAAN KOM AS CHIEF COMMERCIAL OFFICER

Onguard, the fintech company dedicated to the order-to-cash process, has today announced it is welcoming Adriaan Kom as its new Chief Commercial Officer. Responsible for overseeing the development and commercial strategies of the business, Adriaan’s appointment strengthens the management team and Onguard’s ongoing commitment to building its market position and international growth within Europe.

 

Adriaan Kom is no stranger to the fintech world. For the past 14 years, he has held various commercial and strategic roles at Onguard’s partner Altares Dun & Bradstreet, including as director of business development and partnerships and general manager of product solutions.   In his career, Adriaan has advised B2B organisations at both national and international level on how to apply optimal data management in the areas of credit management, compliance, fintech, sales and marketing. This wide-ranging experience and eye for innovation makes him the perfect fit for Onguard.

 

Adriaan Kom comments on his appointment at Onguard: “I am delighted to have joined Onguard, given its credentials in the market for being a forward-looking, innovative organisation. I look forward to working with the team to build on the company’s growth. The market is on the move and the strategy we choose to follow will be crucial to future success. My goal is to create a healthy, internationally successful organisation where the customer is central and our employees are proud to be a part of our journey and are rewarded with opportunities to grow professionally.”

 

Marieke Saeij, CEO at Onguard, adds: “I am delighted to welcome Adriaan Kom to Onguard. With his knowledge, experience and customer-oriented approach, I am sure that in the role of Chief Commercial Officer he will realise added value for our customers and contribute to Onguard’s ambition to grow further within Europe.”

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