OracleAs the need to strengthen technologies across all sectors especially in the financial sectors of the economy grows daily, Oracle recently announced that First Bank of Nigeria plc has successfully deployed Oracle Financial Services Know Your Customer and Oracle Financial Services Regulatory Reporting Solution.

The report as made available to us by SY&T Communications Limited says the bank has also upgraded its Oracle Financial Crime and Compliance Management Platform for Financial Services and Oracle Financial Services Anti Money Laundering solutions.

First Bank is the first in the region to deploy an Oracle Financial Services Know Your Customer and due diligence program, which enables the bank to meet rigorous regulatory and reporting obligations.

The integrated components of Oracle Financial Services Know Your Customer, Oracle Financial Services Anti Money Laundering and Oracle Financial Services  Regulatory Reporting Solution, as part of the overall Oracle Financial Crime and Compliance Management Platform, enable the bank to accomplish a risk-based transaction monitoring program, to monitor suspicious and fraudulent activities and help to combat financial crime.

The deployment of Oracle Financial Services Know Your Customer, which is fully integrated with Oracle Financial Services Anti Money Laundering, also enables automated customer risk profiling, so First Bank can have a 360-degree view of their customers’ activities for easy monitoring purposes.

With Oracle Financial Services Regulatory Reporting Solution, First Bank is the first bank in the region to successfully implement an automated system for the creation and filing of Suspicious Transaction Report.

By leveraging a single platform to meet all anti-money laundering, know-your-customer and regulatory reporting needs, First Bank will be able to significantly reduce operational costs and manage day-to-day operations more efficiently.

First Bank first deployed Oracle Financial Services Anti Money Laundering in 2007 and its satisfaction with this investment led to it choosing Oracle to allow it to meet its compliance and management objectives.

Mojisola Aderinto, Chief Compliance Officer, First Bank of Nigeria said: “Complying with regulatory requirements and fighting financial crime are key priorities for First Bank of Nigeria. Oracle Financial Services Anti Money Laundering has successfully supported our bank’s objectives for the last five years, so Oracle with its proven track record in financial services, was our obvious partner to help deploy the integrated solution, including Oracle Financial Services Know Your Customer, to meet government and business regulations.”S. Ramakrishnan, Group Vice President and Managing Director, Oracle Financial Services Analytical Applications said:

“It is essential that financial institutions like First Bank of Nigeria take a strategic enterprise-based approach to monitoring financial crime and regulatory reporting — for its own benefit and the customers’. As an industry leader, Oracle continues to advise and help financial institutions to formulate a compliance management strategy with the aid of Oracle Financial Crime and Compliance Management Platform. Not only does it help institutions achieve their regulatory goals, but it also helps to position them positively in the market place, like it has for the First Bank of Nigeria.”

Kenneth Omeruo
Omeruo Ndukaku Kenneth is an Innovation Management expert,the CEO of Emerging Media,a new media company.He is a member of ISPIM - International Society for Professional Innovation Management and the US-Africa chamber of Commerce.He is the Founder of TechTrends Nigeria Blog,Nigeria Innovation Summit and the African Innovation Academy.Kenneth is a highly sought-after Internet Marketing Consultant who has through his seminars, articles, training and consulting, helped many organizations, Individuals, Businesses maximize the Internet for business purposes.Kenneth has also being featured as a guest on the TV show TODAY ON STV Nigeria and on Bloomberg Africa TV.He is the author of the best –selling Internet Book: How To Create Unlimited Internet Wealth. He is a syndicated columnist with the following Newspapers in Nigeria: Daily Independent, Financial Standard, PUNCH, BusinessDay, and Sun.Kenneth organises the EduNet Conference for Universities in Nigeria. Kenneth is a member of Institute of Software Practitioners of Nigeria( ISPON ) Roundtable For Capacity Development in Nigeria,member pre-selection committee for Nigeria at the UN World Summit Awards,a Panelist for Youth Enterprise With Innovation in Nigeria(YouWIN)-a Federal government initiative created by the ministry of finance,supported by ministries of Communications Technology,Youth Development,Worldbank and DFID. A 2013 Judge at the Google Cloud Developers Challenge for Sub Saharan Africa.He has been a contributing editor of Nigeria Communications Week,Africa Telecom and IT Business Magazine,ICT Today magazine,M2 magazine.Kenneth has been invited to the Commonwealth Telecommunications Organisation Forum, Oracle Open World Conference USA, Oracle Cloud World Dubai, and GITEX Dubai. He now lives in New York with his family and presently working on an Open Innovation project for Nigeria. You can contact Kenneth through email: (kenneth (at)techtrendsng.com) Facebook:www.facebook.com/Kenneth.omeruo On Twitter:www.twitter.com/kennethomeruo Skpe:Kenneth.Omeruo

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