Synectics Ltd Participation at the University of Cyprus Career Fair - April 2018

On the 26th of April 2018, Synectics Ltd participated at the University of Cyprus Career Fair. The purpose of the event was to bring employers from various fields together with skilled and competent students and graduates. More than 70 firms took part in the career fair, including Synectics Ltd. Our company’s representatives had the opportunity to discuss and exchange views with various students and promote our current job and internship opportunities available.

SafeChargeBack, VCR - April 2018

Following the release of the Visa Claims Resolution (VCR) initiative, our SafeChargeBack System has been fully upgraded to follow the new business process flows and integrate with the Visa Resolve Online (VROL) through the Real-Time System Interface (RTSI).
The Visa Claims Resolution (VCR) initiative is a more streamlined dispute-resolution process that benefits issuers, acquirers, merchants, and cardholders alike. The VCR dispute process proactively eliminates invalid disputes and responses, applies automated liability assignment where possible, and provides a more efficient process with simplified rules and reduced resolution time frames.
The new VCR Module of our SafeChargeBack System provides seamless integration with Visa Systems, thus significantly improving the productivity while minimising mistakes and delays. The Solution also includes powerful features such as custom workflows, integration into the Bank’s Branch Network and Internet Banking, unique consolidation of chargeback details for meticulous management and follow-up, extensive reporting and analytical capabilities.

New LOMAS (Law Office Management and Administration System) Implementation - March 2018

Synectics has recently started implementing LOMAS at one of the top Law Firms in Cyprus. The Assignment includes the three main Modules of Litigation, Companies Administration (Secretarial Services) and Time Management together with many sub-Modules such as Compliance, Mobile Extensions, Calendar Synchronisation, Accounting System interfacing, etc. Currently the Litigation, Time Management and Accounting System Interfacing Modules are in Production, successfully utilised by all personnel of the Law Firm. The functionality includes innovative ways for streamlining the crucial underlying operations, developed jointly by Synectics and the Law Firm. LOMAS is an integrated Modular Solution aiming at Productivity Improvement, Reduction of Operational Costs, Delivery of Exceptional Customer Service, Law Firm standardisation, Avoiding of Conflicts of Interest, and Knowledge Accumulation and Re-use, among others.


Consulting on System of Internal Control – December 2017

Synectics has successfully completed a Consulting Project for a Systemic Bank in Greece, undertaken together with a Senior Bank Advisor. The Assignment was sponsored by the CEO and had the support of the Chairman of the Board and the Chair of the Audit Committee. This Objective was to assess the Bank’s System of Internal Control and formulate a coherent recommendation for enhancing the Bank’s defences throughout the Bank. During the Assignment, Board Members and Senior Executive Managers were interviewed and consulted to confirm the current status and identify the best approaches for the way forward. The Proposal included the Mandates for Key Stakeholders and a Blueprint of the envisaged Organisational Structure. Recommendations were approved by the Bank’s Executive, Audit and Risk Committees.

Veritas in Production on Trial Basis - December 2017

Synectics has installed Veritas, the Machine Learning module of the SafeGuard Anti-Fraud Suite, on a trial basis at a Greek Systemic Bank. Veritas uses the latest machine-learning technology in order to assess the risk level of a transaction thus supporting fraud analysts in making quicker and more targeted decisions. Veritas works on top of SafeGuard’s well-established and long-time proven rule-engine and, therefore, supplements a bank’s expert knowledge with cutting-edge artificial intelligence algorithms. In its decision process, Veritas employs traditional fraud indicators that are used by seasoned fraud experts worldwide, but also relies on new, more complex fraud signals, that were empirically tested and found to perform exceptionally well in real-life fraud environments. The comprehensive set of fraud indicators and continuous retraining on a bank’s own data ensure that Veritas remains always up-to-date with respect to new and emerging fraud patterns, establishing Veritas as an invaluable tool in every bank’s anti-fraud arsenal.

Consulting on Risk Management for NPL Division – October 2017

Synectics has successfully delivered a Consulting Assignment for a Systemic Bank in Greece. The Project objective was to review and rationalise Risk Management in the non-performing loans Division of the Bank. The Study included Risk Management aspects such as Quality Assurance and Quality Control, Operational Risk, and Compliance. It introduced new innovative concepts such as iGovernance, and it also aligned the Bank’s new proposed Organisational Structure along COSO Integrated Internal Control Framework and COSO Integrated Risk Management Framework. The Recommendations expanded the “Three Lines of Defence Model” (3LoD) for more effective Risk Management and an integrated two-level Risk Management Support Functions for the Division’s Operating Units.

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P.O. BOX 20020, CY-1600 
Nicosia, Cyprus

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