An all-in-one cloud-based solution, Paytron enables businesses to streamline finance processes, including accounts payable, international transfers, and expenses. Its customers can make payments to suppliers, vendors, and service providers in more than 100 countries and a variety of currencies. It offers features including automated invoice capture, batch payments, and corporate cards with built-in expense management. 

The platform also supports effective risk management through an approvals workflow, audit trails, and the replacement of the non-secure bank files historically managed through a set of fragmented and poorly controlled processes.

Scalable Financial Crime Risk Detection

With a growing, diverse customer base covering global accounting giant BDO Global, consumer skincare brand Dermalogica, and startup incubator Stone & Chalk, Paytron needed a solution that could scale with its user base.

A dynamic, efficient transaction risk management solution that could meet both current and future regulatory requirements was critical. This would also demonstrate to Paytron’s banking and payment partners the importance it places on anti-money laundering (AML) compliance and transaction risk management. 

The solution needed to be flexible enough to manage an evolving set of transaction monitoring rules that will change as the business grows. In addition, Paytron was looking to monitor trends in its transaction data, using these to design and implement new risk mitigation measures.

Above all, Paytron sought partnerships that could scale with the business while remaining flexible.

Automated Transaction Monitoring and Screening

ComplyAdvantage’s Transaction Monitoring and Screening (TMS) solution enabled Paytron to reduce the need for human intervention in its financial crime risk management program. It also means the firm can manage its workload in a detailed, holistic manner without the need for a complex navigation system. 

The data insights and tools for case management also provided greater visibility into the firm’s risks, enabling analysts to intervene more effectively and identify where enhanced due diligence and supporting documentation are required. This significantly reduced the number of post-transaction queries received from agent banks and partners, allowing the business to scale with minimal resources.

Ongoing Optimization and Efficiencies 

Paytron’s customer success manager at ComplyAdvantage worked with the technology and compliance teams to streamline efficiencies through the TMS solution. The teams are continuing to work together, running end-to-end tests to ensure consistent, positive growth.

Despite these continued improvements, the results achieved by the partnership are already impressive. Post-transaction queries have been reduced by 75 percent, and false positives have been reduced by 20 percent, freeing up valuable analyst time to focus on the greatest business risks. Paytron has also been able to increase its transaction numbers tenfold, improving staff efficiency by reducing the need for manual input. As a result of implementing ComplyAdvantage’s automated TMS solution, Paytron said they have avoided having to pay over $200k in additional resourcing.

Key Benefits in Numbers

• 10x growth in staff efficiency
• 20 percent reduction in false positives
• 75 percent reduction in post-transaction queries

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Overwhelmed By False Positives

Alviere needed a solution to improve operational efficiency and streamline productivity within its compliance department.

With its previous customer screening solution, Alviere also experienced a high volume of false positives, “even for existing customers that had been with us for many years,” explained Chief Compliance & Risk Officer Luis Trujillo.

“ComplyAdvantage, allowed us to transition away from our old model and gave us a new solution that was a lot more efficient and effective for our compliance operations.”

– Luis Trujillo, Chief Compliance & Risk Officer at Alviere

As a result, Alviere partnered with ComplyAdvantage for transaction screening and ongoing monitoring.

New Customer Profiles in Five Minutes

Alviere worked with ComplyAdvantage to implement an automated process that immediately screens customers against sanctions, politically exposed persons (PEPs), and adverse media lists. “From there, ComplyAdvantage takes care of monitoring that customer,” says Trujillo.

With these solutions, Alviere also benefits from being able to build new customer profiles within five minutes that fit the financial programs they create for their clients.

“ComplyAdvantage’s KYC screening solution helps us keep our platform clean and ensure we’re only doing business with the people that we want to do business with.”

– Luis Trujillo, Chief Compliance & Risk Officer at Alviere

ComplyAdvantage’s transaction monitoring solution also allowed Alviere to screen larger volumes of transactions than they were previously able to. This enabled Trujillo’s team to ensure any account receiving funds via their international payments products was not sanctioned or deemed high risk.

Sophisticated Sanctions Screening Integration

Alviere accesses ComplyAdvantage’s sanctions screening solution via a highly sophisticated headless integration. This allows the two platforms to connect via an API to communicate with one another. In this case, the APIs automatically interface with ComplyAdvantage on the backend, delivering information from ComplyAdvantage to Alviere’s teams and analysts via their in-house portal. This allows them to make crucial decisions without manually contacting ComplyAdvantage’s back office.

Efficiency and productivity are major challenges facing compliance teams. Precious time is lost when analysts switch between multiple systems to gather needed information or wait for responses from external teams or contractors. By using ComplyAdvantage’s RESTful API to create a headless integration, Alviere could address this challenge directly. The integration allows its teams and analysts to benefit from a single, automated source of information and communication within the Alviere platform. This, in turn, streamlines important case and manual review decisions.

Efficiency Gains

Alviere has seen the benefit of its partnership with ComplyAdvantage in the heightened levels of efficiency seen throughout its compliance department.

“Because of ComplyAdvantage’s system, today we are dealing with 48,000 fewer false positives.”

– Luis Trujillo, Chief Compliance & Risk Officer at Alviere

As Alviere’s business expands into European and Mexican markets, “it’s a big help knowing that we have a partner like ComplyAdvantage we can consult with and go to market with on new products and services,” said Trujillo.

The post Alviere Experiences 48,000 Fewer False Positives A Year appeared first on ComplyAdvantage.

PingPong’s advanced technology platform allows business to be conducted in any market and currency worldwide. The company’s products include e-commerce and B2B trade payments, acquiring services, card issuing, FX management, supply chain finance, VAT tax services, enterprise solutions, business intelligence software, and more. 

PingPong needed to accelerate the pace at which it was able to create new accounts and onboard customers. This had to be done without compromising response times for existing customers.

At the same time, PingPong needed a solid solution to streamline its due diligence checks to meet its compliance obligations across many different jurisdictions and build trust with its new and expanding customer base.

Prioritizing cost-effectiveness, speed, and responsiveness

With PingPong’s previous name-screening solution, the company experienced slow response times and a lack of customer support. These frustrations pushed PingPong to look for an alternative that could match their needs in terms of cost-effectiveness, speed, responsiveness, customer support, and usability.

“ComplyAdvantage stood out against legacy providers in the market and gave us the confidence that it could deliver – more like a partner than a vendor.”
– Cyrus Tong, Regional Chief Compliance Officer, PingPong

Complementing business philosophies 

PingPong chose to partner with ComplyAdvantage because the solutions on offer matched its customer-centric business philosophy.

“We want our partners to have the heart to do things like us – always wanting to do things better and faster for our customers. Just as we provide the best experience for our customers, we believe ComplyAdvantage can provide the same thing for us.”
– Cyrus Tong, Regional Chief Compliance Officer, PingPong

PingPong saw the benefit of its partnership with ComplyAdvantage following Russia’s invasion of Ukraine. “In the Russia and Ukraine war, we saw a swift reaction from ComplyAdvantage,” said Cyrus Tong. “They immediately uploaded all the names and requirements into their network, proving that they too value the importance of speed and accuracy for their customers.”

Streamlining the review process

With the ComplyAdvantage customer screening solution, PingPong was able to implement an automated process to reduce the human resources required for transaction reviews. This also limits the potential for human error in its compliance teams.

At the beginning of the relationship, PingPong used ComplyAdvantage for 20-25% of its compliance operations. Since then, this has increased to 100%. According to Tong, this increase is due to the relationship that was deepened through PingPong’s dedicated local customer success manager. “Having our customer success manager in the same time zone as us helped ComplyAdvantage better understand our business models, needs, and internal systems,” said Tong. 

As PingPong’s business continues to expand across the world, the company plans to roll out its ComplyAdvantage customer screening solution across its global businesses. 

The post PingPong Payments streamlines compliance process through automation appeared first on ComplyAdvantage.

To remain compliant with these regulations while responding to emerging overseas payments threats, Lumon partnered with ComplyAdvantage for its customer screening and monitoring and transaction monitoring solutions.

A long-standing partnership

Lumon’s relationship with ComplyAdvantage stretches back many years. Initially, the company was looking to replace its legacy customer screening solution, having grown tired of the limited connectivity between the company’s compliance function and its systems. Lumon wanted a solution with API-led connectivity and the ability to manually upload transaction data.

Lumon found many of the products provided by incumbent providers were not suitable for FinTechs. But in ComplyAdvantage, Giorgi says the team “saw a business that knew there was a gap in the market to support FinTech businesses.”

Over the years, the two firms have scaled successfully together. According to Giorgi, ComplyAdvantage’s adoption of artificial intelligence (AI) and machine learning was key to solidifying the partnership. Automation at speed, accurate data, and the ability to categorize and organize relevant risk data allowed Lumon to generate better insights and apply them throughout its system more efficiently.

Game-changing solutions

ComplyAdvantage’s payment screening functionality in its Amazon Web Services (AWS)-based transaction monitoring solution was a “game-changer” for Giorgi, allowing Lumon to centralize its payment screening and transaction monitoring activities within one team, connected to one system via a single API.

The solution’s connectivity and ComplyAdvantage’s quick response times provide Lumon with peace of mind when managing its risk exposure. The reliability of ComplyAdvantage’s customer success team was also lauded by Lumon. Giorgi explained he’s able to share his concerns, questions, and problems with his dedicated customer manager, knowing a response with proposed solutions will be in his inbox the following morning.

“ComplyAdvantage is supportive, responsive, and has a solution that is at the forefront of RegTech.”

– Alessio Giorgi, Head of Compliance and MLRO at Lumon

Managing pandemic fraud risks

ComplyAdvantage’s transaction monitoring solution has allowed Lumon to uncover new insights into customer activity, enabling the payments firm to detect new or emerging typologies and then build rules to mitigate them.

“ComplyAdvantage’s solutions help us sleep better at night, knowing that we’ve got the right systems and controls in place and that they are effective.”

– Alessio Giorgi, Head of Compliance and MLRO at Lumon

For example, during the early stages of the pandemic, Lumon saw a sudden increase in COVID-related investment fraud. Within 48 hours of identifying this, Lumon developed and deployed new rule sets to combat the threat and prevent more customers from falling victim to scams.

“Deploying the ComplyAdvantage solutions has given us more control over our overall financial crime risk management framework,” said Giorgi. “I would definitely recommend ComplyAdvantage to other businesses, particularly those with ambitions to grow at pace.”

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TransferMate is one of the world’s leading B2B payments infrastructure-as-a-service companies. Based in Ireland, the company enables individuals and businesses to make seamless, cost-effective cross-border payments in more than 201 countries and 141 currencies.

TransferMate aims to have “the best compliance team in the business,” explains Alex Clements, the firm’s Global Head of Financial Investigations and Monitoring. A crucial step toward this goal was identifying an anti-money laundering solution capable of operating 24/7, handling rapidly growing transaction volumes, and working in near real-time to deliver an exceptional customer experience.

Embracing agility in compliance

In its search process, TransferMate looked for a partner that could help its compliance analysts stay ahead of rapidly changing criminal behavior. That required a customizable solution capable of managing multiple risk scenarios as well as accommodating new information from law enforcement and other sources.

TransferMate chose to work ComplyAdvantage due to its global data coverage, comprehensive real-time sanctions updates, and the ease with which analysts could configure its system.

“We chose ComplyAdvantage because we wanted a complete solution. We wanted to strip back our data and understand every data point within our model,” explained Clements. “With ComplyAdvantage, we were able to build a complete rule set, so we could understand the exact risks we’re facing in our business.”

“We’re experts in global payments, not experts in compliance systems. That’s why we left it to ComplyAdvantage.”

– Alex Clements, Global Head of Financial Investigations and Monitoring.

Adopting a “one team, two organizations” approach

From the beginning, it was important for TransferMate to partner with a provider that understood its business and clients. During the implementation process, both teams communicated almost daily. Clements described this as a “one team, two organizations” approach. TransferMate worked with ComplyAdvantage implementation consultants to define its data model and scope out the bespoke rules it wanted to build for transaction risk management. ComplyAdvantage’s solution is built on Amazon Web Services (AWS). The firm used its industry expertise to help TransferMate achieve its goals, sharing ideas and best practices.

“We weren’t just looking for a vendor. We wanted to choose a partner, somebody that would work with us and would strive for the best quality and customer satisfaction.”

– Alex Clements, Global Head of Financial Investigations and Monitoring

Over time, the continued strong relationship with the firm’s dedicated customer success manager at ComplyAdvantage has been critical. This close partnership has grown over time, ensuring ComplyAdvantage is well-positioned to support TransferMate’s continued growth.

Providing complete control

Less than a year after its implementation with ComplyAdvantage, TransferMate has reduced the time it spends investigating transaction risk alerts by up to 50%. Analysts complete transactions that hit a compliance control in up to 40 minutes.

TransferMate has also experienced a reduction in false-positive alerts, giving analysts more time to focus on the alerts that present a real risk.

Another benefit the payments firm has experienced is in the education space. TransferMate onboards many universities where a family member is often making payments on behalf of the student. The control granted to the compliance team by ComplyAdvantage has enabled TransferMate to provide “comfort” to its customers, explains Clements.

“I’d recommend partnering with ComplyAdvantage. We have complete control over our front end here at TransferMate. The system is straightforward to use, and the data is live. We’re screening in real-time, and that gets us closer to our goal of being the best compliance team in the business.”

– Alex Clements, Global Head of Financial Investigations and Monitoring

TransferMate was shortlisted for Best Compliance Team alongside ComplyAdvantage’s customer success and implementation teams at the International Compliance Awards. Following the nomination, the team looks forward to growing its successful partnership as TransferMate continues to scale.

The post TransferMate reduced alert remediation times by up to 50% appeared first on ComplyAdvantage.

The company processes approximately 100 million payment transactions per year across a portfolio of more than 19 million properties located throughout the U.S. As a payments provider, RealPage has an obligation to its banking partners, clients, and residents to monitor transactions processed through its payment services and to identify and reduce instances of fraud and other illicit activities.

The challenge

“The biggest challenge we have is keeping up with constantly growing levels of fraud. Just when you get used to certain patterns and volumes, they change again,” explains Blanca Rojas, Transaction Risk Manager at RealPage. The risks and typologies RealPage need to account for are driven by its atypical business model. For example, it has to screen across business-to-business and business-to-business-to-consumer relationships – both real estate firms and their customers – while also analyzing how money moves between them.

RealPage designed specific scenarios designed to capture illicit activities such as card testing fraud. However, the COVID-19 pandemic also introduced new fraud typologies that also had to be considered. As outlined in a FinCEN report (FIN-2021-NTC1) released on February 24, 2021, financial institutions, including payments companies, had to comply with reporting requirements on COVID-19 fraud activity. With such complex, fast-changing requirements, speed is essential. As a result, a reliance on manual reviews of customers and transactions would not deliver the scalability and efficiency RealPage requires.

The solution

While RealPage did engage in a “buy vs build” debate, the firm quickly made the decision to partner with an external vendor. “We felt it was important to work with a company that had expertise in transaction monitoring, could understand our regulatory requirements, and how to apply these to our unique business model,” explains Rojas.

ComplyAdvantage appealed to RealPage because its transaction monitoring client base extends beyond traditional financial institutions. “Other software providers we looked at just had generic scenarios that were geared towards traditional financial institutions, rather than payment companies. Our business model is different even to other payment providers,” said Rojas. “The flexibility to build custom scenarios was important for us. Many vendors do not have the same level of flexibility.”

During the implementation process, RealPage met with ComplyAdvantage’s development team to explore the best way to implement its unique rule set. This included the need to follow individuals across different properties and state jurisdictions, as well as identifying connected individuals. “One of the ComplyAdvantage developers suggested a way to achieve our rule objectives which was eye opening. It helped us to see our challenges in context,” Rojas noted.

Once live, the RealPage team worked with ComplyAdvantage to tune the logic of its rules, simplifying the number of data points they were screening. This included a range of above and below the line testing and assessing the potential impact of raising/lowering risk thresholds.

“I am seeing the activity in close to real-time – seconds. I have worked with different software providers at different institutions, and the rapid response to alerts is the biggest benefit I have seen.”

– Blanca Rojas, Transaction Risk Manager, RealPage

For Rojas, the biggest benefit of the ComplyAdvantage transaction monitoring platform is its near real-time capabilities. “I am seeing the activity in close to real-time – seconds. I have worked with different software providers at different institutions, and the rapid response to alerts is the biggest benefit I have seen.” This means RealPage can immediately review alert activity and act as necessary to prevent significant losses for its clients. Rojas’ team tracks cases and bad actors frequently and can see what they are able to achieve with the platform, and which rule sets are most effective at preventing illicit activity.

The case management functionalities in the transaction monitoring platform are also “streamlined and easy to use,” improving the efficiency of Rojas’ team and ensuring that all investigation documentation is properly logged and easily accessible.

Managing and triaging alerts effectively, escalating from junior analysts where necessary, is also seamless. “The dashboard reporting helps us to monitor the whole department so we can make sure alerts are cleared on time and we’re not getting behind on anything,” said Rojas. “The color coding means we can immediately see if there’s something that’s past due.”

Ongoing support provided by ComplyAdvantage’s customer success manager is critical. “She is hands-on, she has learned our system, and knows the ins and outs of RealPage’s business model. This means she can produce innovative ideas, communicate those to development, and explain why we need them,” said Rojas. Regular scheduled meetings enable the team to review issues and plan for new scenarios the team would like to implement. Quarterly success meetings provide RealPage with reporting on how its scenarios are performing, providing an external set of checks and balances on internal tests.

Next steps

RealPage is now working with ComplyAdvantage to ensure its transaction monitoring program scales with its rapidly growing business. The firm recently integrated a new segment of its business into the platform and is working with its customer success manager to assess next steps based on projected dollar and transaction volume amounts. Above all, Rojas says, we are “ensuring there’s room for growth, so the product can grow with us.”

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Hampshire Trust Bank (HTB) is a specialist bank based in the UK that provides business finance, mortgage and development finance solutions. It also offers savings accounts to individuals and businesses. 

The challenge

HTB is working to stay ahead of the rapidly evolving financial crime landscape, and the growing sophistication of fraudsters. To support this work it was looking for a transaction monitoring and screening solution that would meet the needs of its growing customer base while safeguarding the bank’s reputation.

HTB’s compliance team recognized how the transformation of digital technology could enable the bank to achieve its strategic objectives.

To select the right vendor for its business, HTB ran an extensive RFP process, including a cost-benefit analysis and input from multiple line of business (LOB) stakeholders. The decision making group wanted to understand how the solution they chose would work in practice, to strike the right balance across operational and risk control variables. 

The solution

HTB selected the transaction monitoring and screening solutions from ComplyAdvantage because they offered flexibility in a number of areas:

• The extensive data sources – including adverse media – utilized by ComplyAdvantage provide a comprehensive screening solution in a single place. This means HTB can achieve wide-ranging checks in a single pass, with peace of mind that all possible sources are being reviewed.
• Proprietary data ensures HTB does not have to integrate with a third-party supplier, ensuring a simple, effective single partnership in this critical area. 
• Ongoing monitoring means a constant eye is cast over any potential financial crime risks, so they can be mitigated effectively.
• As a hosted, supplied solution managed by ComplyAdvantage, HTB can focus on reducing the risk of financial crime, while ComplyAdvantage manages the technical side of the platform.
• By adopting a risk-based approach that includes tailoring its rule set to the users of its products, HTB was able to work with the implementation team at ComplyAdvantage to configure appropriate rules, mitigate risk and reduce false positive rates. For example, the team is looking at how to optimize the application of its rules for charities, who operate their accounts in a different way to other business customers. 

These features enable what Robin Jeffery, Head of Transformation at Hampshire Trust Bank, refers to as “a platform which supports a constant cycle of learning and evolving, able to adapt in line with the changing behavior of both customers and criminals.” He added: “Other products we reviewed on the market were more rigid. ComplyAdvantage enables us to focus on continual improvement, adapting the platform as we learn and as the world evolves.”

Another key benefit of the partnership with ComplyAdvantage has been the collaborative approach throughout the implementation process. “It didn’t matter who worked for HTB and who worked for ComplyAdvantage. We had a single team, driving forward the delivery with a focus on achieving the outcome.” 

Next steps

Now that HTB has implemented ComplyAdvantage’s screening and monitoring solutions, it is aiming to use the single alert dashboard view to present new insights that can drive the bank’s digital transformation process. However, successful deployment is only the beginning of the partnership. Regular calls with the customer success team at ComplyAdvantage ensure HTB has access to the latest updates and features, and helps keep the team up-to-speed on industry best practices. 

Both ComplyAdvantage and HTB know that the biggest challenge they face is the continued evolution of both customer and criminal behavior. An informed compliance strategy and a modern, agile and flexible technology stack is HTB’s answer to this challenge.

Find out more about our transaction risk management solutions. 

The post How HTB deployed an agile, scalable transaction monitoring, payment and customer screening program appeared first on ComplyAdvantage.

ComplyAdvantage’s comprehensive data coverage means OakNorth Bank is now able to use one single platform to onboard and monitor customers against all relevant databases. The solution’s customizability has made it easy to configure search algorithms and select the databases most relevant to the bank’s customer base and business priorities.

The application’s easy-to-use interface means that inputting and managing data within the system is simple. Daily hits are easy to review and audit, and cases that require additional due diligence can be quickly escalated to senior members of the Financial Crime team. Maria Varley, Head of Client Onboarding (Lending), said: “ComplyAdvantage gives me a high degree of control via various reports and the case management system. It is easy to generate reports, which enable quick audit reviews and greater visibility into the data.”Thomas Szymanski, Senior Operations Manager (Deposits), continued: “Since we launched, all new applicants only have a 2.3% hit rate so far and the overall portfolio (which includes all existing customers we migrated over from our previous provider) has a 4.1% hit rate. This ultimately means the team can spend time less time reviewing false positives and more time on value-add activities.”

The exceptional support provided by ComplyAdvantage’s customer success team also played a central in OakNorth Bank’s decision. Maria said:

“One of the biggest positives about dealing with ComplyAdvantage was their customer service. From the very first engagement, the team was brilliant and extremely supportive. Any queries we have are answered in a matter of hours, if not minutes. It is great to have somebody providing you with this level of very personalized support.”

The Company

OakNorth Bank is a leading UK bank that provides fast, flexible, and accessible debt finance of £500k to £45m to what it calls the ‘Missing Middle’ – businesses that are the most significant contributors to economic and employment growth. OakNorth Bank was launched in September 2015 to address this funding gap in the UK.

OakNorth Bank’s lending is supported by its award-winning savings franchise, offering a range of Financial Services Compensation Scheme (FSCS)-protected products to savers at all stages of life and businesses at all stages of growth. Its convenient, competitive, and frictionless deposit offering, coupled with its exceptional customer service, has enabled it to attract over 170,000 savings customers and achieve a depositor Net Promoter Score of 77.

Industry: Commercial Lending and Banking
Product: AML Customer Screening and Ongoing Monitoring

The Challenges

For its lending operations, OakNorth Bank’s screening processes were fragmented: its compliance team used one provider for anti-money laundering checks and another for all other customer screening checks.

Meanwhile, for its savings operations, its screening and ongoing monitoring processes to identify whether customers are a Politically Exposed Person (PEP) or subject to sanctions, were time consuming and generated a high number of false positives.

The company therefore needed an API-driven solution that would integrate into its existing tech stack, streamline its compliance workflows, and consolidate the data into one unified view. As its lending operations are distinct from its deposit operations, it was also critical that the case management workflow could be kept separate.

The Solution

After a thorough selection process, OakNorth Bank chose ComplyAdvantage’s customer screening and ongoing monitoring solution because its high-quality, comprehensive data made consolidation of workflows possible. Its simple, two-way RESTful API would also facilitate quick data transfers between the application and OakNorth Bank’s systems.

ComplyAdvantage’s customer success team worked closely with OakNorth Bank’s compliance team to configure the search parameters and tailor the case management workflows to their needs in line with their risk appetite.

For deposit customers, the ComplyAdvantage team went through various rounds of in-depth testing of the PEP & sanctions screening process, with an emphasis on tailoring the approach to OakNorth Bank’s screening & monitoring needs and required lists. ComplyAdvantage’s PEP ranking is based on FATF’s categorization and the continuous PEP Enrichment Data Pipeline is a permanent feature of the PEP data collection process. Due to the focus of reducing false positives, a data test was run at 20%, 30%, 40% and 50% fuzziness levels and against all Sanctions, Watchlists and PEP classes. Utilising search profiles allowed OakNorth Bank to reduce the match rate even further.

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IPT Africa is a regulated payment provider providing clients with the ability to manage and deliver payments from a single interface throughout the African continent. Covering all African currencies,in real time with full transparency on pricing and multiple delivery channels IPT offer a unique proposition for Corporate entities with African payment requirements.

Industry: Payments
Product: Customer Screening & Monitoring (CSOM)

The Challenge

IPT Africa, a Mauritius-based firm, partners with and provides services to companies located around the globe. They must comply with the regulations of several jurisdictions — and their compliance processes must be flexible and robust enough to adapt to regulatory changes as they happen. IPT Africa’s compliance team also handles a significant amount of data and found themselves hindered by a high number of false positives, which meant their team needed to expend a lot of manual effort when checking for risk.

IPT Africa benchmarked different AML vendors and took on board recommendations from clients and liquidity providers to ensure that their chosen provider would perfectly match their requirements. They selected ComplyAdvantage as their AML provider because their solutions offered real-time, automated insights and had a clear advantage over the market incumbents, whose solutions had become static and could not deal with ever-changing global regulations.

The Solution

IPT Africa’s use of the ComplyAdvantage platform enables them to efficiently screen and monitor prospective customers and current ones for risk against sanctions and watchlists, PEPs, and adverse media data. In partnering with ComplyAdvantage, IPT Africa has been able to move away from delayed flat file uploads and instead has configured automated monitoring. Their team can screen and monitor against real-time data so that they can be the first to know about critical changes in risk status. ComplyAdvantage’s solution also allows IPT Africa to ensure full regulatory compliance across all jurisdictions.

The Outcome

IPT Africa’s compliance team can now make informed decisions about client risk, escalate potential high-risk cases and take actions in real time, which ultimately shortens the time it takes to onboard new customers. False positives have also been reduced by 60%, dramatically reducing manual efforts and, therefore, freeing up time for their team to focus on other aspects of the business to scale the company.

The post IPT Africa’s false positives have been reduced by 60% appeared first on ComplyAdvantage.

Santander Group is a diverse retail and commercial bank with over 188,000 employees and 125 million customers.

Industry: Banking
Product: Adverse Media via API
Awards won: 2019 Financial Innovation Awards: Best Innovation in Product or Service Design for Corporate Digital Onboarding

The Challenge

To outdo the digital experiences championed by fintech proponents, Santander UK needed to significantly reduce the cycle time to onboard customers while also monitoring anti-money laundering controls. The bank needed to move away from workloads usually managed through paper-based labor and automate as much of the customer-facing process as possible.

Where the public information regarding a customer application wasn’t available, the bank needed to screen against high volumes of adverse information and media to verify the entity and better understand their financial risk profile.

Santander UK was looking to innovate its technology stack in the corporate bank, moving as much as possible off-premise and into the cloud.

Settings within the API are configurable, meaning Santander UK can change thresholds, search strings or any other relevant information as required. Analysts at Santander UK now always have the correct information at their fingertips to make more informed decisions. Difficult manual processes have become a thing of the past, and Santander UK can adapt to regulatory changes and business strategy at a moment’s notice.

The Outcome

Using ComplyAdvantage as part of their digital proposition meant that, overall, Santander UK has been able to cut the customer onboarding cycle time from 12 days mean cycle time to 2 days.

They have also been able to cut process time for both customers and colleagues by more than 50% in most cases and, at times, up to 75 or 80%. Actions that would ordinarily waste compliance officers’ time have been automated, and the compliance team can now focus on addressing other threats to the business.

Santander UK now runs adverse information and media screening on all entities associated with a corporate or SME onboarding case.

Awards

• Santander (UK) was awarded Best Innovation in Product or Service Design for Corporate Digital Onboarding at the Financial Innovation Awards 2019.
• Celent recognized Santander (UK) as the winner of the Model Bank 2019 Commercial Customer Onboarding Award for their initiative Taking Onboarding to the Next Level.

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