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Acuant Integrates with ServiceNow to Automate and Transform Onboarding and KYC Compliance for Financial Institutions

Acuant, a GBG company and leading identity verification provider, announced an integration with ServiceNow Financial Services Operations, providing customers with seamless online identity verification, Know Your Customer (KYC), Know Your Business (KYB) and Anti-Money Laundering (AML) regulatory compliance in one solution.

In the digital world, financial institutions must balance customer experience with compliance while also reducing fraud risk. It’s imperative to build trust with customers from the start. This partnership offers businesses a streamlined way to automate, accelerate and scale onboarding, while maintaining regulatory compliance and reducing risk.

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“Navigating the complexities of regulatory compliance while delivering an experience that meets customers’ expectations and rivals the competition is no easy task,” said Christina Luttrell, Chief Executive Officer, GBG Americas (Acuant and IDology). “Through this integration, we’re helping financial institutions deliver the best digital experience possible, from start to finish, and succeed in an environment of increasing fraud, regulation and competition.”

Via ServiceNow’s Financial Services Operations offering companies can get up and running quickly to deliver best-in-class solutions from Acuant’s Trusted Identity Platform:

  • A Risk-Based Approach to Automated KYC and KYB. Acuant’s risk-based approach is favored by regulators and has helped a range of companies not only comply with regulations but provide a customer journey that removes unnecessary friction and reduces financial crime. The platform’s orchestration layer and workflow features automate verification ensuring high-risk customers are screened against global sanctions lists and, if necessary, subject to additional due diligence checks. Friction is only applied to suspicious identities, delivering a fast, seamless experience to trusted identities and safeguarding against fraud, terrorism, human trafficking and other forms of corruption.
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Using global data sources, Acuant verifies businesses (KYB) with a high degree of accuracy and performs proper consumer due diligence on Ultimate Beneficial Owners (UBOs) while also ensuring financial institutions aren’t dealing with sanctioned entities. Risk assessments are automated and standardized by evaluating the type of business, legal entity structure, category of business and more with relevant data available through a single platform.

Acuant’s sanctions screening leverages over 400 sanctions and Politically Exposed Persons (PEPs) lists that are continuously updated and apply a wide array of algorithms to reduce false positives. Automated screening is applied with superior tools, including rule configurability, for case and queue management.

  • Real-Time Risk Detection with Graph Intelligence and Machine Learning. Acuant addresses continuous monitoring with patented technology that validates and assesses the risk of identities and businesses over time following the onboarding stage to monitor identities, reputations and transactions to assess and quantify risk over time and throughout their lifecycle. Its industry-leading digital identity technology utilizes AI machine learning and graph intelligence to provide highly accurate risk signals in real time. Supervised machine learning algorithms are trained to identify identity graphs that are likely risky and therefore need to be evaluated. These algorithms can be informed by the specifics of your business through the integration of tags that represent your specific risk.
  • Superior, Inclusive Global Coverage. Acuant believes that all customers should have the ability to be verified in order to transact with any business. This includes underbanked, credit invisible, thin-file individuals and those who may be new-to-country. Acuant’s technology provides multiple ways to verify identities based on attributes that customers are able to present to a business (whether personal data points, identity documents or biometrics). Acuant provides superior global coverage and holds the industry’s largest, continuously updated identity document library with over 6,000 global documents covering over 200 countries and territories.

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[To share your insights with us, please write to sghosh@martechseries.com]

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