Advanced KYC Automation Capabilities for Financial Institutions

Banking CIO Outlook | Friday, March 01, 2019

The banking sector is vulnerable to different threats, and the advent of technological advancements has improved the situation. According to GP Bullhound’s technology prediction, almost 91 percent of the customers depend on mobile banking. This reliance on digital banking has enormously helped the customers to have continuous service, but at the same time, banks have been obliged to revamp and refurbish the existing security policies. 

To safeguard the financial institutions, know-your-customer (KYC) and anti-money-laundering (AML) policies are given high importance but the absence of specific standards to verify customers and cross-border transactions have made these policies a bit inert. 

Opus provides know your customer technology and data solutions with an aim to ensure faster decision regarding risk management. The company has announced to launch Clarity KYC, a new know your customer solution, which will play an important role to automate workflow and manage risk intelligently. Due to the Fifth Money Laundering Directive and CDD Final Rule of FinCEN, the rules have become complicated, but the SaaS solution, Clarity KYC, even within this boundary, enables the financial institutions to have a better understanding of the risk factors. 

Clarity KYC is available in two editions - Professional and Enterprise. The Clarity KYC Professional leverages pre-configured SaaS workflow and optimizes CIP, CDD, and EDD to facilitate the whole process of KYC. This solution provides a surveillance module to cut short the risk of terrorism financing.  
Opus’s resolve search offers a real-time opportunity to access the entity data quickly and provides real-time critical data to ensure the accuracy of information. This whole process uproots the threat of duplicates and ultimately, improves the risk management procedure. It is essential for a business to know about the person it is dealing with, and Alacra Concordance makes the companies able to have an accurate view of the customers.

Inaccurate information generates diversified risk factors which may become harmful for the growth and smooth running of a business, and Opus provides innovative solutions that ensure a better understanding of customers and potential risk factors


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