With the fast-changing dynamics of the financial world and stricter control measures, performing and implementing KYC (Know Your Customer) laws is a greater challenge than before.
1. Potential business opportunity loss due to unstructured KYC process directly resulting in increased time to onboard and transact with clients.
2. Increased turnaround time due to poor coordination between teams spread across geographical boundaries i.e. Branches, Relationship Manager, Front Office, Distributed Back Office, Compliance, and Reference Data.
3. Higher commercial Risk in case of wrong client profiling leading to humongous collateral losses.
4. Face significant reputational damage and potentially large fines if adequate controls do not exist.
5. Single customer view across different LOBs accommodating different KYC procedures and regulatory requirements.
6. Continue uninterrupted service to clients while simultaneously address endlessly changing complex patchwork of regulatory and legal requirements, while continuing to serve clients.
1. Single KYC for client on board across DP & Trading back office.
2. In depth KYC workflow starting from KYC Form entry by Branches, Maker / Checker concept.
3. API can be exposed to consume KYC data to other in-house or 3rd party vendors.
4. Centralized Account modification with maker & checker. Lower turn-around-times for more efficient KYC process management and faster compliance leading to shorter on-boarding.
5. Distributed Process & System Architecture for Customizable Rule Based Workflow.
6. Maker-checker workflow embedded within the solution to ensure highest accuracy of data and evidences captured.
7. Streamlines KYC processes and enforces organizational best practices.
8. Improved Compliance by adhering to complex & varied regulatory requirements.
9. Flexible web portal user interface provides streamlined out-of-the-box reporting and status tracking.
10. Intelligent Modules for in-Depth Customer Profile.
11. Enable prioritization and routing of due diligence between multiple users spread across various geographical boundaries with escalation workflow to ensure timely and accurate process flow.
12. Definite cost diminution for KYC form processing.
13. Near cent percent data accuracy of processed forms without compromise on regulatory requirements.
1. Minimize on-boarding time leading to improve customer satisfaction and reduce account abandonment.
2. Reduced compliance outlays, thereby giving organisations flexibility to divert funds and resources to critical work areas.
3. Complete and accurate data ensures the organisation reputation is not compromised especially by high-risk clients
4. Hybrid Solutions for geographically distributed process flows with data intensive operations On-Premise access on Web.
5. On-Premise or Web Hosted Solution.
6. Immediate Conversion of Paper to Digital Information incorporating various regulatory requirements leading to transparency.
7. Web-Based B2B Portal for Content & Operational control on the Document Workflow process.
8. Web-Based B2C Portal extendibility built-in for Customer accessibility and self-serve subsequent Profile management.