A global financial services conglomerate specializing in payment solutions embarked on a digital transformation journey to streamline the way it onboarded customers. The goal was to replace labor-intensive KYC, KYB and AML practices with more efficient automated processes.
Despite their expansive reach across 120+ currencies, the multinational faced challenges with siloed account opening systems and multiple vendors. Manual reviews often led to errors, false positives and delays.
Recognizing the need to modernize, they sought a platform capable of automating essential KYC, AML and fraud checks within a single workflow to reduce onboarding times for low-risk clients.
LexisNexis® RiskNarrative™ was chosen for its ability to verify individuals and corporations across multiple regions through a single API. By leveraging a combination of data intelligence, orchestration and no-code configuration, the company was able to:
The impact of integrating RiskNarrative™ became evident after two phases of implementation, which incorporated document checks, identity verification and screening into the onboarding process. These efforts resulted in significant improvements after just three months:
The client is currently expanding its end-to-end capabilities by implementing transaction risk scoring, beneficiary checks and email risk scoring into the platform’s adaptable environment. They expect RiskNarrative to remain an integral part of their operational framework, helping them achieve their future objectives and ensuring a seamless, secure experience for users.
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