Rakuten Bank Case Study

Rakuten Bank aims to be the leading internet banking provider by delivering a ‘safe, secure and the most convenient’ service. With the rate of adoption by new clients, and their online service nature, Rakuten Bank needed to implement a more robust, efficient, and automated solution to ensure that Rakuten Bank has a consistent and acceptable approach to AML compliance. The screening process can be challenging and difficult, as it is completed digitally, online.

Leveraging LexisNexis® Firco™ Compliance Link and Firco™ Global WatchList® data set, Rakuten Bank has a consistent and acceptable approach to AML compliance. The system provides Rakuten Bank with a full workflow, reporting and audit trails, so that internal audit and regulators have a digital track record that all checks have been completed, rather than multiple binders with hard-copy evidence.

The solution has been essential to the Bank’s success:

• From a regulatory compliance perspective, LexisNexis Risk Solutions assists Rakuten to screen transaction data of their client base on a holistic ongoing basis, to ensure that Rakuten is only dealing with legitimate clients.
• By integrating Firco Compliance Link into their workflow, Rakuten Bank have streamlined their transaction screening process, which is essential for a growing business looking to scaling up while keeping costs down.
• By working with LexisNexis Risk Solutions to embed the solutions into their workflow, Rakuten Bank gains the added benefit of operational efficiency, which allows for minimal additional time or effort required from their clients’ trade requests.
• This, in turn, delivers the most important result, a better online customer experience.  This creates the opportunity for further financial inclusion and transparency for those who need it most, while allowing Rakuten to continue to grow their business.

Learn more in this case study.