A Leading Financial Crime Prevention Solutions Provider Delivers a 360-degree View to Reduce the Onboarding Time for New Customers
The Identity Resolution solution streamlines the investigation processes and prevents fines to FSOs.
The client is a world leader in providing solutions in the fight against financial crime. Their product suite, which delivers risk management, anti-money laundering, and regulatory compliance, is used by the world’s largest banks and financial institutions.
Financial Services Organizations (FSOs) have a vast amount of data on the activities of individuals and organizations, which is often inaccurate and scattered across internal and external data sources, making it challenging to create a single, accurate view of an entity. This view is critical to creating a master customer profile, the absence of which can lead to FSOs incurring millions of dollars in fines.
Ness built an Identity Resolution solution that allowed the client to provide state-of-the-art money laundering filtering capabilities. It helped find relationships or duplications between entities that the Financial Institutions may be unaware of, which helped the client build a single risk view of their customers and their connections. It also reduced the number of AML violation detection alerts and discovered networks among correspondent banking payments. Customizable dashboards helped visualize and monitor performance and processing status. Processed data results were streamed back to the client’s core data store. Each solution component was run in a container for easy and scalable deployment.
Identity resolution enabled the client to gain a unique and unambiguous 360-degree view of all parties, including customers, corporations, partners, vendors, and employees, and their relationships with others. It reduced the onboarding time for new customers by up to 29% and streamlined the investigation processes. It also enhanced detection and decisioning by a 13% reduction in false positives and 43% less staff time per investigation and prevented fines as high as 400 million dollars to FSOs.