SaaS customer Fintech Payment and Exchange Company

Background

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Today’s global regulatory environment is in constant flux. As digitalization continues to spread through more and more industries, regulations – especially in areas like data privacy and Know-Your-Customer (KYC) policies – must evolve to keep up. This issue is not new or unique.
Regulations are constantly half a step behind industry innovations. The implication: what works for a company today may not be sufficient tomorrow.

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‘’A Trusted Digital Identity Verification Partner is a Must in the Modern Digital Age’’

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Our SaaS Customer built an app to provide fast and secure access to electronic payments and multi-currency exchange, making it easy for people to use it anytime and anywhere. This company offers a variety of services that enable instant financial transactions validated immediately using a mobile phone. To meet their identity verification needs and ensure its payments platform was safe and compliant with regulatory requirements, they needed to implement an equally robust KYC and identity verification process. Since identity theft and fraud are also prevalent in today’s digital age, this meeting this challenge was essential.

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Solution

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PREVENTOR offered our SaaS Customer KYC and identity verification standards that meet the present regulatory environment and are robust enough for future requirements.

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The company partnered with PREVENTOR to utilize its integrated KYC and anti-fraud solutions. By aggregating hundreds of premium global KYB and KYC data sources, PREVENTOR ensures that its clients are secure from their first line of defense and underwriting merchants through to their KYC and identity verification processes of their customers and associated transactions, regardless of where they onboard worldwide.

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Results

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Our SaaS Customer can now stay compliant without sacrificing the speed and functionality that keeps their customers happy. PREVENTOR is more than just a KYC tool; it is a full-service solution that provides them with:

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Streamlined digital onboarding

• Self-service onboarding
• Biometrics government issued-id authentication, photo matching, liveness authentication
• Watchlists screening
• Automatic customer screening against Sanctions, PEP, adverse media
• Reduce false positives with risk-based watchlists and user-defined match scoring thresholds.
• Know your customer
• (CIP) Customer information program
• Automated customer approval
• Risk-based customer profile

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Ongoing Authentication

• Face/video authentication to authorize high-risk transactions and funds withdrawal to customer’s bank account.

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Ongoing Know Your Customer

• Scans all customers’ documents, such as proof of identity (POI), proof of address (POA), financial and legal documents collectively in a single go and ensure all documents are correctly tagged to a specific individual to establish the overall accuracy of the KYC and KYB documentation results.
• Continuous customer screening against watchlists, PEP and adverse media updates.

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AML Transaction monitoring

• Transaction monitoring.
• AML and fraud prevention monitoring for online payment transactions and currency exchange.
• AI-risk-based alerts generation based on multiple risk factors criteria.
• Watchlists screening.
• Automatic transaction’s third-party screening against sanctions watchlists, PEP, and adverse media.
• Case management.
• Risk-based case management workflows for alerts, cases, and suspicious activity reports.
• CRM capabilities to register detailed case iteration information and supported documentation during case resolution.

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Analytics and auditing

• Analytics statistics, regulatory reports, and audit trail logs per event.
• FATCA identification process and payment withholding reporting for international customers.

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Integration

• Highly configurable software to adapt to their specific business requirements for KYC and AML.
• Seamless online core financial system integration and third-party solutions.