VENTURES AFRICA – Nigeria’s oldest Bank, First Bank of Nigeria, has successfully deploy the use of Oracle Financial Service’s Know-Your-Customers and Oracle Financial Services Regulatory Reporting Solution to help meet rigorous regulatory and reporting obligations.
These financial services will also enable the bank to combat financial crime by monitoring suspicious and fraudulent activities in its banking system.
The Oracle Know-Your-Customer financial service is part of Oracle’s anti-laundering financial service, which gives bank an all round view of their customer’s activities. This is made possible through the Oracle anti-laundering service that provides automated customer risk-profiling.
First Bank is the first financial institution in the region to successfully implement the use of automated system in profiling Suspicious Transaction Report. The bank started using Oracle Financial Services in 2007.
Apart from deploying a new financial service from Oracle, the bank has also upgraded its financial crime and compliance management platform for financial services.
By using the single platform to meet all anti-money laundering activities through the use of these financial services; First Bank of Nigeria will be able to significantly reduce operational costs and manage day-to-day running efficiently.
Speaking on the importance of the financial service, Oracle’s Group Vice-Chairman and Managing Director for Financial Services Analytical Application, S. Ramakrishnan said that was essential for institutions like First Bank of Nigeria to take a strategic enterprise based approach to monitor financial crimes and financial regulatory reporting for its own benefit and customers.
Oracle helps company address business processes relevant to financial services while helping them to reduce cost and gain competitive edge in the market place.