NorthRow, the leading Know Your Customer/Business (KYC/B) and Identity & Verification (ID&V) platform, will unveil the future of its compliance software from its stand (E66, Hall 7) at Money20/20 Europe, the largest global fintech event in Amsterdam, 7th – 9th June 2022.
With over 10 years’ experience delivering compliance solutions to organisations including Knight Frank, Open Banking, Mitchells and Butlers, and Regus, NorthRow’s new WorkStation provides an even smoother and faster approach to customer due diligence as part of Anti-Money Laundering (AML) compliance processes.
Combining leading technologies with unparalleled data sources, WorkStation allows organisations to oversee and streamline compliance processes throughout the customer lifecycle.
Using case management, WorkStation allows compliance professionals to initiate associated groups of onboarding checks with just a company or individual’s name, returning a single decision recommendation in real time depending on acceptability within client-defined risk parameters.
The robust compliance, monitoring and remediation capabilities of WorkStation allow compliance teams to onboard customers in seconds, not days, and ensure compliance with ever-changing regulatory requirements. WorkStation delivers complete peace of mind to businesses, shortening time to revenue and allowing them to focus on growing their business safely.
Additionally, WorkStation ensures ongoing client due diligence requirements are met through continuous real-time monitoring for any changes to individuals or organisations (including sanctions, negative media, new directorships and political exposure) and scheduled reviews that re-examine entire cases at defined intervals depending on an organisation’s risk appetite.
Key benefits of WorkStation include:
- Delivering efficiencies in compliance with checks combined into easy-access cases with a risk rating for each portfolio
- A fully personalised risk-based approach to decision making with hundreds of customisable rules
- Improved compliance visibility with unrivalled global data coverage spanning individual and company (including Ultimate Beneficial Owners) records
- Better informed future decision-making with valuable insights into key compliance metrics available at the touch of a button
- Enhanced accuracy and reliability of KYC/B checks with industry-leading facial recognition and liveness validation as part of the ID&V process to GPG45 standards
On the imminent launch of WorkStation, Adam Holden, CEO of NorthRow said: “As the flagship event in the fintech calendar, Money20/20 Europe is the ideal stage for us to launch WorkStation and what we believe to be the future of compliance management software. For too long, manual compliance processes and disparate systems have hindered compliance professionals and provided a lacklustre customer experience.
“That’s why we built WorkStation. To enhance and simplify the customer journey rather than slow it down, and to help compliance teams support their businesses better. WorkStation helps regulated organisations to streamline AML compliance processes, ultimately speeding up the time to revenue and delighting customers. The platform brings together market-leading compliance and verification technologies into a single, simple interface that helps businesses to accelerate growth, safely.”