How does it work?
KYC Manager is a secure Luxembourg Support PSF-hosted compliance platform for digital client data & risk management, requiring no additional on-premise software or hardware installation by users.
With KYC Manager, financial industry professionals and institutions can connect their end-customers, front-office staff and compliance teams on the same platform. KYC Manager is both customer and employee-centric and covers all parts of the customer KYC lifecycle, typically requiring no additional on-premise software or hardware installation by users. Users access the platform either through secure web browser connections or by linking existing IT and operational systems with the KYC Manager APIs available on Finologee’s secure API portal.
KYC Manager offers a wide and readily available array of components and APIs that enable financial institutions to cherry-pick journeys and modules to create hyper-personalised end-to-end client and employee experiences. The integration of these different components into the ready-to-use KYC Manager platform allows customers to design and build smooth, frictionless, and efficient digital KYC journeys, such as
- digital onboarding flows,
- KYC remediation campaigns,
- client/account update campaigns,
- periodic KYC review campaigns,
- black list/sanction list checks, adverse media and business register/database checks
- and many others.
To offer a branded solution that is completely integrated into the firms’ individual customer experience, the platform can be white-labelled.
Which interaction processes and context-specific needs can be addressed with the KYC Manager platform?
- Customer risk classification
- Request additional documents, information and data required from customers based on their risk profile
- Automate reminders when client data verification needs to be carried out
- Change and manage how often checks are carried out based on the client’s risk profile
- Interfacing with public registers and data providers to verify obtained data against publicly available information (e.g. blacklists/sanction lists…)
- Additional modules tailored to your needs per your own customer onboarding and lifecycle management process
Client files which need to be updated, campaign dashboards and the status of all or some of the end clients’ KYC data is at staff’s fingertips at all times with simplified search and reporting functionality. Looking for certain types of files, based on the specific needs, is also straightforward thanks to filtering options.
The platform caters for the definition of access and viewing rights based on the respective KYC Manager workflow and individual user or group roles.
Digitalising client onboarding and KYC and AML updates with KYC Manager streamlines the process for all parties involved – with data being made available straightaway to compliance and back-office teams.
Compliance departments and KYC risk teams retain control of the campaigns and can regularly set up new ones, if required. Additionally, regular reminders and follow-ups can be sent as needed.
Relationship managers and front office teams have access to the same system and viewing rights of relevant client files, allowing them to see if clients have updated documents and giving them the ability to remind clients if they have not. These processes streamline the client relationship management as well as the onboarding process.
Relevant back-office teams also have access to the system as required.
End-clients are contacted directly through the platform, which sends an automated email message, SMS text or paper letter inviting end-users to upload KYC documentation and data, kickstarting the KYC file update process. The platform is intuitive for customers to use and meets banking-grade security standards (ISO 27001 certified).
Also: Clients do not have to pick a single or specific channel for all contexts and purposes: KYC Manager allows users to switch between channels depending on the campaign and available contact information.
A single platform for your clients, compliance, front and back office teams to maintain identification information up-to-date
Raoul Mulheims, CEO of Finologee
When it comes to regulatory compliance, financial institutions can create and define personalised workflows or requirements for their users, e.g. compliance and front-office officers, manage their specific compliance and risk management processes and determine which customer data needs to be collected and through which channel.
The high-level process
KYC Manager caters for easy interaction between all users – end customers and staff – and simplifies the creation and management of customer information from individuals, multi-person structures or corporate structures/legal entities, with interactions being recorded in the platform’s audit trail throughout the lifecycle. With all compliance checks and KYC processes being centralised, this helps financial institutions to enhance their overall risk management.
According to the client’s particular digitisation needs, it is possible to implement only certain specific processes, opt for digital onboarding only, or perhaps deploy only KYC or AML customer file updates: combinations and choices over time are fully flexible. KYC Manager is able to meet client’s demands with a modular solution tailored to its digital user journey needs.
This means that clients can pick the components and modules they require in areas such as customer identification, sanction list screening or electronic signature(s). The platform integrates a wide array of top-tier KYC feature/data providers and integrations to seamlessly cover all aspects of digital KYC and AML compliance. Customers can select which providers they want to rely on for their processes with and even choose to continue with the KYC features/data providers they already use.
This diagram illustrates an example of a typical KYC Manager process flow with different user roles, including end users and the interlinking with different internal company systems via APIs:
Seamless integration of selected solutions within pre-existing processes
Each role has their own individual access to the platform with corresponding access or viewing rights that can be configured mirroring the client’s existing setup. Finologee provides a web-based interface and a back-end core API as end points for users’ data and document exchanges. Information provided can be seamlessly integrated with the client’s own internal systems, procedures, CRM and KYC data management systems, as well as user authentication setups (SSO).
Do you want to know what we could build together or get a product demo?
Get in touch and we will evaluate how we may help you.