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Merlon: Transforming Adverse Media Screening For Faster Remediation

Top 10 KYC Solution Companies - 2020

A customer due diligence procedure where pertinent information of a customer’s profile is collected and evaluated for potential money laundering or terrorist financing risks is crucial for assessing and monitoring customer risk. It requires an extensive KYC program that consists of a customer identification procedure (CIP) for collecting and validating the data. This makes it necessary for financial institutions to adopt better technologies and help their compliance and risk teams verify customers’ identity.

One such technology is AI, which has become the bedrock for KYC and AML. AI allows a KYC system to think and automatically train and enhance the system’s outcome prediction accuracy over a period of time. An AI-based system can provide a dynamic questionnaire that can adapt as per the customer responses. Further, the system’s intelligent process automation (IPA) capabilities significantly reduce the KYC profile update.

Similarly, blockchainis also proving to be a positive disruptor with the potential to redefine and re-imagine the KYC/AML. It will enable financial institutions to keep up with changing regulations, quickly validate customer information for KYC. Blockchain can also help verify customer identity, with details like the source of funds, nature of the business, and provide ongoing monitoring along the way. To take the KYC process a step further, financial institutions are using social biometrics. Using this technology, organizations leverage a person’s footprint scattered throughout search engines and social media and gather valuable information.

At this juncture, many cutting-edge KYC solution providers are entering the domain with advanced and integrated offerings. To help the finance sector strengthen its operational capabilities and simultaneously enable growth in the industry, Banking CIO Outlook has compiled a list of the top KYC solution providers. The list comprises prominent organizations in the industry that address issues pertinent to the finance sector by implementing current trends. Besides, the magazine also includes insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for aspiring CIOs.

We present to you Banking CIO Outlook’s, “Top 10 KYC Solution Providers – 2020.”

Top KYC Solution Companies Top KYC Consulting/Services Companies

Top KYC Solution Companies

Merlon

Merlon

Merlon, one of the leading providers of automated adverse media investigations platform for AML, KYC, and due diligence. The company employs natural language processing (NLP) and AI to automate repetitive manual tasks, and in the process, reduce compliance costs and institutional risks. Unlike its peers in the industry, Merlon focuses more on offering solutions to power large datasets to be more relevant while increasing the AML analysts’ productivity and decreasing the risk of exposure for the financial institutions. Merlon provides analysts with integrated findings, clustering articles and extracting personal details, risk information, and evidence. It then identifies articles where that particular individual or business has been a perpetrator aligned with relevant risks with FATF Predicate Offenses, USA Bank Secrecy Act, and the 6th EU Money Laundering Directive

merlon.ai

Vouched

Vouched

Vouched is a secure, real-time identity verification artificial intelligence and end-to-end fraud detection that sees, verifies, and KYCs customers in seconds

vouched.id

Acuant

Acuant

Acuant is a leading global provider of identity verification, regulatory compliance (AML/KYC) and digital identity solutions. The Trusted Identity Platform is powered by AI and human assisted machine learning to deliver unparalleled results and operational efficiency. Omnichannel products provide seamless customer experiences to fight fraud, increase conversions and establish trust in seconds. Securing the most global coverage, Acuant has leading partners in every industry and has completed more than one billion transactions in over 200 countries and territories.

Beam Solutions

Beam Solutions

Beam provides a complete platform that lets you monitor transactions, detect suspicious activity, manage investigations, and file suspicious activity reports. Beam provides a streamlined, fully integrated approach to creating and filing SARs and other types of suspicious activity reports.Beam's staff has deep experience with regulatory compliance, data science, AI/machine learning, and cloud-based engineering

DocFox

DocFox

DocFox turns BSA Compliance into an automated part of your workflows creating efficiency, risk mitigation and incredible client experiences. DocFox is comprised of 3 modules: Document Collection and Analysis, Watchlist screening & Adverse Media and Risk Rating with automated client review

Fenergo

Fenergo

Fenergo is the digital enabler of client and regulatory technology for financial services. It provides Client Lifecycle Management (CLM) software solutions for Financial Institutions including; Corporate & Institutional Banking, Commercial & Retail Banking, Asset Management, Private Banking & Wealth Management. Counting 70 global Financial Institutions as clients, its award-winning CLM suite digitally transforms how Financial Institutions manage clients; from initial onboarding to KYC/AML and regulatory compliance, to data management and ongoing lifecycle KYC reviews and refreshes.

M2SYS Technology

M2SYS Technology

M2SYS provides enterprise multi-modal biometric solutions that enable our customers and partners to easily utilize or integrate the right form of biometric technology for their needs. Our core focus is identity management in workforce management, healthcare and large government projects together with a unique biometric software development kit (SDK) that allows developers to instantly add biometric recognition to any software application. Our technology accelerates the adoption of biometric identification leading to a faster and more widespread delivery of its many benefits.

SingleSource

SingleSource

SingleSource eKYC provides high-speed identity screening, document verification and risk scoring that goes beyond the normal due diligence checks, uncovering risks and potential threats to your reputation. SingleSource provides a compliant, frictionless, & easy onboarding experience. SingleSource is a decentralised risk scoring and identity platform that enables frictionless business transactions that are secure, build trust and eliminate fraud for a safer, fairer market place by allowing you to know your customer.

Socure

Socure

Socure helps hundreds of companies ensure customer trust at Day Zero and unlock rapid acquisition growth across channels. Socure serves 325+ customers including financial services and fintech leaders, and we’re rapidly expanding across adjacent verticals, including telco, payroll providers, cable and insurance.

TeleSign

TeleSign

TeleSign connects and protects online experiences with sophisticated customer identity and engagement solutions. Through APIs that deliver user verification, data insights, and communications we solve today’s unique customer challenges by bridging your business to the complex world of global telecommunications. TeleSign provides digital identity solutions for businesses to streamline account registration, fight fraud, and deliver actionable KYC insights.