Chuck Papageorgiou, CEO
As banks expand globally, they face the challenge of complying with the always evolving know your customer (KYC) regulations. For a smooth functioning business, banks balance the rigor of customer due diligence (CDD) with an efficient customer onboarding processes. The successful customer information program (CIP) must accommodate today’s remote, digital customer, but it cannot merely “check the box” on compliance. The best fintech solutions navigate this challenge with efficient workflows that leverage augmented intelligence to use all available information and still produce instant, actionable results.
Solving this massive challenge in the market is WorldWatch Plus™ by International Screening Solutions, a next generation KYC and Risk Screening platform and two-time Top 10 KYC Solution honoree. WorldWatch Plus combines KYC identity verification and global risk screening with next generation technology. The identity screening data is 15 percent more accurate than credit bureau information, and the global sanctions and politically exposed person (PEP) screening is several times more accurate than common database products. It is also much faster. Customers of WorldWatch Plus report processing CDD checks in approximately three minutes, which is four times faster than the average time reported in the ACAMS annual industry survey. The speed comes from eliminating more false positives than any comparable tool and providing links directly to the original sanctions source for instant result verification. Saving time lowers costs, while not compromising compliance: WorldWatch Plus can be integrated to existing workflows and configured to follow the bank’s risk-based screening policies.
“Our customers’ say we have a 30 percent lower total cost of ownership than other products, because WorldWatch Plus adapts to the customer workflow, speeds up review times 4x, and eliminates false positives,” says Chuck Papageorgiou, CEO.
“We provide a next generation platform solution, and the strength of any platform is its ability to adjust to the customer’s requirement.”
The marketplace is becoming more global, more digital, and more real-time, which increases the risk of being able to truly “know your customer.” At the same time, banks and merchants desire a “frictionless” experience for their on-line customers. For example, a bank may get thousands of customer requests each month a new account opening, a loan, a merchant onboarding. As activity increases, so do fraud attacks. WorldWatch Plus deploys the correct level of fraud counter measures for the bank’s risk-based policy and for the situation, so an imposter will be frustrated, but not a legitimate customer. The entire solution is configurable, from the identity verification solution to the global risk data screening. The WorldWatch Plus platform promises the industry’s broadest data reach and most sophisticated screening tools, producing more accuracy and speed than ever before. Finally, the adjudication of results – that “go/no go” decision is intelligently augmented so most experiences can be automated.
It starts with content, and most global risk content is “unstructured” not formatted neatly into database tables. For many years, the only option was database products that largely ignored unstructured information. Slowly vendors employed analysts to read sources and extract information. But what started as a trickle of information is now a global river of risk data, and manual processes cannot keep pace. The WorldWatch Plus platform automates data capture from all available risk sources, and its AI agent organizes the information for the bank’s CDD team. The solution comes at a critical period as FinCEN and other regulators crack down on screening programs that do not consider all available risk information to prevent financial crimes.
“Look at the fines and the reasons for the fines; and look at the reputational damage to those being fined,” says Papageorgiou. “Solutions that merely check a box are not an option anymore.”