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XCHANGING FINANCIAL SERVICES PARTNERS WITH SPHONIC

Alliance will provide cost-effective, agile solutions to support financial services institutions with addressing the challenge of tackling financial crime

LONDON, 29 April 2015 – Xchanging plc, the business technology and services provider, announced today that its Financial Services division has signed a partnership with Sphonic, a London-based Risk Management company, which provides an innovative digital Risk and Compliance platform and specialist consulting services to financial institutions across the UK and Europe.

Today’s always-on, mobile world has changed how consumers and businesses interact with financial services, and the digital age has created new challenges for financial institutions. Providers now require a new approach to keep up with the exponential growth in e-commerce, the sophistication and resources of those committing financial crime, and the complex, ever-evolving global regulatory environment.

The alliance between Xchanging and Sphonic will provide cost-effective, agile and fit-for-purpose solutions to support financial services institutions with addressing the challenge of tackling financial crime. Applying a big data approach to the largest set of data sources of any vendor in this market, the Sphonic solution looks for the “needle in the haystack” to identify relevant and customer-specific information. The search for the FACTS (Focus Around Customer Transactions Significance) in an automated, straight-through processing operation is at the heart of Xchanging’s offering to the financial services market.

The partnership also grows Xchanging’s capabilities to combat the regulatory and market challenges around KYC (Know Your Customer), AML (Anti-Money Laundering), and Fraud and Risk Management.

Xchanging’s proven deep industry expertise, global delivery capability and track record of delivering highly efficient, cost-effective business processing and technology operations, combined with Sphonic’s experience and solutions, will provide clients with both the value of a large-scale business and cutting-edge technology straight from Britain’s tech hub.

Tahir Adam, Xchanging Financial Services, comments: “Today’s digital world is creating new challenges for banks and financial services institutions. Regulators are simply not satisfied with their performance, customers are not getting exemplary service, and shareholders are unhappy with the size of the fines being incurred.

“Compliance and risk management remain the top issues for the sector, which is why we chose to partner with Sphonic. The company has built a solution truly designed for the digital age: it is a low cost, easy to integrate Software-as-a-Service platform that is focused on identifying the relevant data needed to risk assess each individual customer event.”

Riten Gohil, Chief Executive, Sphonic, comments: “In the fast moving digital environment, consumers are demanding intuitive and friction-free methods to register and use financial services. Equally, financial services providers are challenged by an increasingly complex regulatory environment and managing risk alongside consumer acceptance. This partnership will provide a range of innovative technologies and robust processing capabilities that meet the demands of an evolving marketplace, and allows Xchanging to leverage best-in-class solutions such as KYC, Customer On-Boarding, and AML Monitoring and Case Management.”

In a 2014 Everest Group report (Banking and Financial Services (BFS) BPO Annual Report 2014 – Low on Growth, High on Regulations – BFS BPO Adapts to the “New Normal”), Xchanging was named as the largest Capital Markets business processing services provider globally in terms of market share by revenues, and as a significant player in the European BFS BPO space, with 23% market share.

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For further information, please contact:

Jenny Rushforth
Global PR Manager, Xchanging
Mobile: +44 (0)7920 781 736
E-mail: jenny.rushforth@xchanging.com

This press release was distributed by ResponseSource Press Release Wire on behalf of Xchanging Global Insurance Solutions Ltd in the following categories: Business & Finance, for more information visit http://pressreleasewire.responsesource.com/about.