Automated KYC Checks for Customer/Client Onboarding & Monitoring

Undertaking Know Your Customer (KYC) checks is an essential element of onboarding new clients in the financial services sector. However, KYC is no longer simply just a compliance issue. It’s now integral to the operational running of your business, impacting onboarding times, compliance costs, operating margins and profits.

  • Manual and time-consuming client onboarding processes lead to poor client experience
  • Significant resource requirements to undertake due diligence erodes profit margins
  • Existing disjointed, legacy processes can be manual and expensive
  • Maintaining compliance is challenging when regulatory requirements increase so frequently

Alan Gleeson, NorthRow’s Chief Marketing Officer explains the challenges that regulated firms face with client onboarding.


ALAn GLEESON, cHIEF MARKETING OFFICER

 
 
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In summary, the costs of compliance continue to rise and it remains a frustrating process for all parties concerned.


SeamLess Onboarding: NorthRow Offers Real-Time KYC Checks

At NorthRow we work with a number of leading Financial Services organisations to help automate their AML, KYC and Identity Verification checks, streamlining the client onboarding process via a single, easily integrated API.

NorthRow’s agile technology hosts an extensive breadth of data greater than that offered by single suppliers and we are one of the only firms to have an intelligence-sharing agreement with law enforcement agencies. Our technology-led approach ensures a thorough check is executed using multiple steps to ensure even advanced risk profiling is as accurate as possible, whilst remaining low-touch, automated and cost-effective.

NorthRow can perform comprehensive checks on Individuals, Companies and Identity documents in real-time giving you actionable data before you onboard your clients.NorthRow simplifies and automates KYC onboarding checks, helping you to:

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  • Onboard more clients, at an accelerated rate
  • Reduce compliance costs
  • Improve operating margins whilst increasing profits
  • Improve the client experience

HOW IT WORKS

NorthRow receives the data submitted by the end user in real-time and performs comprehensive multi-source checks to verify the applicant’s details and their identity. Within seconds NorthRow completes the KYC checks and delivers a pass/fail result, or refers the result with a detailed report to the management console for review. This capability allows your team to monitor the results in real-time while also enabling enhanced due diligence capability on a prospective client if required.

Beneficial Ownership Monitoring

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If you need to remain compliant with AML regulations, NorthRow will continually monitor your customers for any changes in company structure, beneficial ownership or Directorship, and alert you in real-time, helping to ensure you remain compliant. 

Learn more about NorthRow’s AML monitoring service now.


KEY FEATURES:

NorthRow offers unparalleled data coverage from our range of trusted commercial partners and via an intelligence-sharing agreement with law enforcement agencies:

  • We can validate the details of over 250 million companies in real-time, from over 100 countries
  • We can validate Identity Documents from over 200 Countries
  • We can access 180+ government registers and public records
  • Global PEP & Sanction Registers with over 65 Billion data records
  • International Address Verification over 100 Countries
  • Intelligence agreement with Law Enforcement partners to reduce business risk and identify forged documents
  • Over 200 customisation verification rules to maximise match rates
  • Single API or web portal ensures seamless integration into your existing systems

Flexible Integration Options

In a complex regulatory environment, NorthRow offers a range of flexible options including a SaaS application and a Single API. Depending on your customer onboarding workflow, you can choose the option that will best serve your business needs, or you can choose a hybrid option of both.

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API: Our API embeds real-time data lookups and searches on companies, directors, beneficial owners, ID documents, and more, into your existing system. Once integrated, the core of the NorthRow API is available to you – giving you direct access to over +20 trusted international data providers.

SaaS App: NorthRow provides a SaaS App in addition to its Single API. Compliance teams can use the application to review checks, to download PDF reports and to add notes for audit & case management. All data is secure and user account access requires two-factor authentication. 


KEY BENEFITS

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Key Clients Include


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"We have chosen NorthRow because it has the combined KYB and KYC capability we are looking for, whilst also being the best fit commercially and culturally. With NorthRow we are able to automate our checking processes and we are alerted to any changes in our customers’ status, which is critical to ensuring we fulfil our regulatory obligations and make the customer onboarding process reliable and faster."
Martin Threakall, CTO - Modulr