As every fintech professional is aware right now, Money20/20 Europe, Amsterdam’s largest fintech event, is due to take place next month. Amongst the many crowds and stands, NorthRow will be unveiling its latest onboarding compliance solution.
The know your customer/business (KYC/B) and identity and verification (ID&V) platform’s new ‘WorkStation’ solution offers a new approach to customer due diligence as part of anti-money laundering (AML) compliance processes.
By consolidating data and technology, WorkStation provides organisations with insight into compliance processes across the entire length of the customer lifecycle.
The solution will enable compliance professionals to initiate associated groups of onboarding checks using only the name of a company or individual. Depending on acceptability within the risk parameters defined by the client, a single decision recommendation is then returned.
The compliance, monitoring and remediation capabilities of WorkStation will reportedly reduce the amount of time compliance teams need to spend onboarding customers, thus shortening the associated revenue times and allowing them to focus on growing their business safely.
Additionally, the solution ensures ongoing client due diligence requirements are met through continuous real-time monitoring for any changes to individuals or organisations (including sanctions, negative media, new directorships, and political exposure) and scheduled reviews that re-examine entire cases at defined intervals depending on an organisation’s risk appetite.
Through its personalised risk-based approach, the solution will allow businesses to make better informed and more accurate decisions about risk. It hopes to enhance the accuracy and reliability of KYC/B checks with facial recognition and liveness validation as part of the ID&V process outlined by the GPG45 standards.
With the launch now just days away, the company’s CEO, Adam Holden, describes his full belief in the capabilities and benefits of the product: “As the flagship event in the fintech calendar, Money20/20 Europe is the ideal stage for us to launch WorkStation and what we believe to be the future of compliance management software.
“For too long, manual compliance processes and disparate systems have hindered compliance professionals and provided a lacklustre customer experience.
“That’s why we built WorkStation. To enhance and simplify the customer journey rather than slow it down, and to help compliance teams support their businesses better. WorkStation helps regulated organisations to streamline AML compliance processes, ultimately speeding up the time to revenue and delighting customers.
“The platform brings together market-leading compliance and verification technologies into a single, simple interface that helps businesses to accelerate growth, safely.”
If you’re lucky enough to be heading to Money20/20, which will run between 7 and 9 June at the RAI Amsterdam Convention Centre, you can visit NorthRow and its new WorkStation solution at stand E66, hall seven.
