15th May 2018, RegTech software specialist muinmos has partnered with NorthRow, a complementary RegTech compliance software provider, to provide a powerful combined fully automated solution to support client onboarding in the financial services sector.
The integration between muinmos and NorthRow enables financial institutions to undertake all Know Your Client (KYC) and Anti Money Laundering (AML) checks via a single API. All checks can be completed within a few seconds and at a fraction of the cost of alternative methods.
muinmos PASS, which went live in early 2017, is a cloud-based software application which instantly classifies a client in accordance with MiFID II in the EU or its equivalents in the rest of the world (KYCC), and determines whether a financial institution can onboard a client to trade in a particular service (KYS), product (KYP) and country (KYCO) whilst performing complete Suitability and / or Appropriateness assessments.
The fully integrated solution between muinmos and NorthRow uses a traffic light rating system to assess clearance and risk, and also provides financial institutions with a detailed breakdown of the results on their clients.
According to Remonda Z. Kirketerp-Møller, CEO, muinmos, “This is our first major partnership deal and enhances our product offering by providing a complete solution to all financial institutions. NorthRow’s platform performs automated checks on ID Documents, people and companies.
“We assessed a number of KYC and Identity Verification providers in order to find the perfect match for muinmos. We were impressed by the team at NorthRow, their product, energy and drive. In addition, they draw upon an unparalleled breadth of data from trusted commercial data suppliers and law enforcement agencies to deliver results via a single API. muinmos and NorthRow are now working together as a team so that clients have a single point of contact and a one-stop customer onboarding solution for efficient and cost-effective onboarding requirements.”
Adrian Black, CEO, NorthRow adds, "NorthRow is delighted to be partnering with muinmos as Remonda and her team are acknowledged RegTech experts. Integrating the muinmos PASS application into our NorthRow platform allows us to offer jurisdictional cross-border clearance and Client Suitability & Appropriateness checks in our API, a natural fit alongside our existing IDV & KYC checks.”
muinmos PASS has been developed using sophisticated algorithmic rule-based Artificial Intelligence. It is a stand-alone system but can easily be integrated into existing on/offline on-boarding processes/systems, enabling financial institutions to have full access to the global market whilst remaining compliant 24/7.
NorthRow supports automated compliance solutions for onboarding and monitoring clients of financial services organisations. They help clients to optimise their business processes, reduce business risk and help ensure compliance.
The Article Originally Appeared in LeapRate: muinmos Teams up with Northrow to Offer Automated Onboarding Solution (15 May 2018) .
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muinmos was founded by Remonda Z. Kirketerp-Møller in April 2012 after spotting a gap in the market to use technology to automate highly complex legal and regulatory challenges in financial services, specifically in client onboarding. A qualified lawyer with 16 years’ experience in the financial services industry, Remonda is a renowned expert in Fintech, RegTech and regulatory matters in financial services.
muinmos’ vision is to be the world’s leading automated onboarding company in the financial services sector. The firm has an impressive Board, consisting of some of the leading senior FinTech specialists in the industry.
muinmos delivers a unique software which instantly and globally classifies/ categorises the client in accordance with MiFID in the EU or as equivalent in the rest of the world (KYCC), and instantly determines whether a financial institution can on-board a client to trade with it in a particular service (KYS), product (KYP) and country (KYCO) whilst clearing the anti-money laundering requirements (AML) by using a traffic light rating system with full detailed breakdown of the results. This cuts down the on-boarding time from weeks/ months, to seconds at a fraction of the cost. PASS automatically notifies the financial institution of any regulatory changes 24/7, thus ensuring continuous compliance. PASS is a cloud-based technology used together with a compliance "equation calculator/algorithm", using AI by implementing a rule based expert system.
For further information about muinmos, please visit www.muinmos.com
NorthRow is an established RegTech business that helps financial services organisations to improve operational efficiency and customer experience whilst reduce compliance risk.
NorthRow delivers a unique combination of automated and managed Identity Verification (IDV) and Know Your Customer (KYC) services via a single API to make onboarding as frictionless as possible whilst meeting Anti Money Laundering (AML) and other compliance requirements, including MiFID II client suitability and appropriateness checks.
By automating and integrating a broad range of identity and compliance checks, NorthRow streamlines the complex onboarding and monitoring processes of financial services organisations. NorthRow combines mobile identity verification capabilities using facial recognition and voice recognition AI with data from an international range of commercial, open source and law enforcement sources to deliver risk scores and enriched data on corporate entities, individuals and ID documents.
For further information about muinmos, please contact:
Tel: +44 (0)1483 563562 / +44 (0)771 333 2303