# LuLu Exchange Enhances Customer Experience and Supports Expansion with Move to Fiserv AML Technology Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2018-01-03 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: Fiserv selected by LuLu Exchange to enhance financial crime Meta Description: LuLu Exchange selects Fiserv to improve financial crime prevention capabilities and expand into new markets with cloud-based AML solution. URL: https://financedigest.com/lulu-exchange-enhances-customer-experience-and-supports-expansion-with-move-to-fiserv-aml-technologyhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fd030118-9-1736843118452-compressed.jpg) [Fiserv, Inc.](http://www.fiserv.com/) (NASDAQ: FISV), a leading global provider of financial services technology solutions, today announced that [LuLu Exchange](http://luluexchange.com/index.php), which provides cross-border remittance, currency exchange and other financial services for consumers and businesses, has selected Fiserv to enhance its financial crime prevention capabilities and enable its expansion into new markets. LuLu Exchange will implement a cloud-based version of AML Risk Manager from Fiserv. The anti-money laundering solution utilizes sophisticated techniques such as machine learning to detect suspicious transactions, leading to more accurate fraud detection and fewer false positives. This helps to eliminate the inconvenience and delay caused when legitimate transactions are flagged for investigation, benefitting both customers and staff by facilitating a better experience and more efficient operations. Launched nine years ago in Abu Dhabi, Lulu Exchange is today one of the largest financial [services companies in their market](https://www.financedigest.com/sterilization-services-market-global-leading-companies-analysis-revenue-trends-and-forecasts-2027.html "Sterilization Services Market Global Leading Companies Analysis, Revenue, Trends and Forecasts 2027") and has more than 170 branches worldwide. The business currently operates in Oman, Kuwait, Qatar, Bahrain, India, Philippines, Seychelles, [Hong Kong](https://www.financedigest.com/evergrande-winding-up-lawsuit-in-hong-kong-adjourned-to-nov-7.html "Evergrande winding-up lawsuit in Hong Kong adjourned to Nov 7") and Ireland, and is expanding across the Asia Pacific region and Europe. The experience of Fiserv in the Gulf Cooperation Council (GCC) [region and globally was a key factor](https://www.financedigest.com/automotive-air-vent-assembly-market-size-key-players-growth-factors-regions-and-applications-industry-forecast-by-2027.html "Automotive Air Vent Assembly Market Size, Key Players, Growth Factors, Regions and Applications, Industry Forecast by 2027") in their selection, as LuLu Exchange will rely on the expertise of Fiserv as it moves into new markets. “Our ongoing expansion prompted an evaluation of our AML strategy,” said Christos Christou, [Chief Compliance Officer](https://www.financedigest.com/future-market-insights-appoints-aditi-basu-as-chief-marketing-officer.html "Future Market Insights Appoints Aditi Basu as Chief Marketing Officer"), LuLu Exchange. “Since we are expanding in Asia Pacific and Europe, we wanted a partner that will provide us not only the [technology but also the know-how to mitigate risks in these ‘new to us’ markets](https://www.financedigest.com/membrane-technology-market-is-expected-to-grow-at-a-cagr-of-9-1-by-the-end-of-decade.html "Membrane Technology Market Is Expected To Grow At A CAGR Of 9.1% By The End Of Decade"). We were impressed with Fiserv and their financial crime investigation platform, which, in our view, is a user-friendly, stable, fast and well-developed tool for detecting, investigating, and assessing AML risks.” AML Risk Manager provides advanced customer risk profiling, risk scoring, transaction monitoring and know your customer (KYC) capabilities. Leveraging dynamic inference techniques and visualisation tools, AML Risk Manager offers behavioural profiling, the ability to quantify risk mitigation through investigation, and beneficial ownership insight. The solution is configurable, enabling the LuLu Exchange compliance team to be in complete [control of the system](https://www.financedigest.com/the-automation-control-system-market-to-see-through-the-probable-sea-change-through-digitization.html "The Automation Control System Market to see through the probable sea change through digitization"). This will help increase efficiency, as it offers essential flexibility for the team to use the system without the need for IT or vendor support. “Anti-money [laundering](https://www.financedigest.com/the-problem-with-current-anti-money-laundering-processes-a-lack-of-context.html "The problem with current Anti-Money Laundering processes: A lack of context") technology has an impact on the day-to-day work of staff who are tasked with ensuring compliance and mitigating risk, as well as on customers whose transactions can be affected,” said John Smith, managing director, EMEA, Fiserv. “We look forward to supporting LuLu Exchange as they expand into new [markets and to providing their team with greater efficiency in managing a growing](https://www.financedigest.com/tinnitus-management-market-to-top-us-3-2-bn-driven-by-growing-burden-of-hearing-disorders-fmi.html "Tinnitus Management Market to Top US$ 3.2 Bn Driven by Growing Burden of Hearing Disorders: FMI") volume of customer transactions and alerts so they are able to serve customers with the speed, ease and convenience they expect.” In a world moving faster than ever before, Fiserv helps clients deliver solutions that are in step with the way people live and [work today – financial services](https://www.financedigest.com/hybrid-working-a-risk-or-opportunity-for-the-financial-services-industry-2.html "Hybrid working: a risk or opportunity for the financial services industry?") at the speed of life. Learn more at [fiserv.com.](http://www.fiserv.com/) **Additional Resources:** - AML Risk Manager – http://www.financialcrimerisk.fiserv.com/solutions/aml-risk-manager/ --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---