Payments giant increases account openings by 50% while reducing compliance costs by 29%
Overview
Held back by long processing times
Despite their expansive reach across 120+ currencies, the multinational faced challenges with siloed account opening systems and multiple vendors. Manual reviews often led to errors, false positives and delays.
Recognising the need to modernise, they sought a platform capable of automating essential KYC, AML and fraud checks within a single workflow to reduce onboarding times for low-risk clients.
Industry
Financial Services
Challenge
- Multiple onboarding systems
- Manual processes and delays
- Rising false positive
Client
Multi-national payments firm based in APAC
Solution
"The orchestration capabilities of RiskNarrative® have streamlined our processes, making onboarding seamless for our customers."
Senior Director, Product
A complete unified onboarding solution
LexisNexis® RiskNarrative® was chosen for its ability to verify individuals and corporations across multiple regions through a single API. By leveraging a combination of data intelligence, orchestration and no-code configuration, the company was able to:
- Improve straight-through pass rates with automated workflows and enhanced verification processes, including biometrics.
- Configure unique onboarding journeys for each of their existing jurisdictions, with the flexibility to easily add more as they scale.
- Reduce false positives tied to sanction and PEP screening through the adoption of automated risk-scoring.
- Access a diverse range of third-party tools and data sources across KYC, KYB, AML and fraud via a drag and drop interface.
LexisNexis® RiskNarrative®
Quickly onboard high customer volumes with a single, unified anti-money laundering, fraud, compliance and risk management platform. Manage and configure all financial crime lifecycle journeys with simple integration and no need for coding.
Process flow integrating multiple data sources, technologies and vendors
Improved business results
The impact of integrating RiskNarrative became evident after two phases of implementation, which incorporated document checks, identity verification and screening into the onboarding process.
These efforts resulted in significant improvements after just three months:
24%
Improvement in retail onboarding time globally
50% +
Increase in number of accounts opened
25% +
Increase in total transaction volumes
30%
Reduction in false positive alerts
29%
Reduction in total compliance cost
Future plans
The client is currently expanding its risk management capabilities by implementing transaction risk scoring, beneficiary checks and email risk scoring into the platform’s adaptable environment.
They expect RiskNarrative to remain an integral part of their operational framework, helping them achieve their future objectives and ensuring a seamless, secure experience for users.
