DolEx Dollar Express and its affiliate Europhil have deployed Fiserv’s financial services technology solutions to streamline their anti-money laundering (AML) processes.
DolEx offers wire transfers, consumer loan origination, walk-up bill payment, check cashing, prepaid cards and other services in the US and Spain.
It provides these services at its over 500 retail stores and over 2,500 agent locations, and facilitates over $4.5bn in volume annually.
DolEx will execute cloud-based versions of AML Risk Manager and Payment Fraud Manager (PFM) from Fiserv.
The solutions, which will be deployed via Amazon Web Services (AWS), will use machine learning to identify unlawful transactions, thereby enabling accurate fraud detection and avoiding any delays when valid transactions are also marked for legal inquiry.
AML Risk Manager offers customer risk profiling, risk scoring, transaction monitoring and know your customer (KYC) capabilities.
A cross-channel monitoring and interdiction solution, Payment Fraud Manager is intended for electronic payments.
Fiserv president of financial & risk management solutions said: “We enable clients to deploy technology in the way that works best for them. AML Risk Manager will enable DolEx to enhance their financial crime prevention capabilities while taking advantage of the scalability and flexibility of cloud-based hosting.”
Both AML Risk Manager and PFM software are expected to handle high volumes of transactions, which is essential for DolEx during peak holiday seasons as money gets transferred in huge volumes.
DolEx Dollar Express CEO Mario Trujillo said: “DolEx provides essential financial services to underserved consumers, and we are focused on delivering excellent service and value.
“By using Fiserv technology we will further strengthen our already robust AML processes. We will gain additional efficiency, scale and flexibility, which will enable better interactions and improved frictionless customer experiences. Think of DolEx as Fintech for the Underbanked.”