Velocity KYCR – Dynamic Onboarding, streamlined CDD/EDD and Customer Risk Rating

An effective Customer Identification Program (CIP), CDD, and EDD process is a key part of the Know Your Customer (KYC) process where financial institutions are required to ensure appropriate understanding and verification of the customer’s identity, beneficial ownership, and risk profile. The Velocity KYC and Risk Rating (KYCR) system comes with powerful dynamic risk model and integrated customer onboarding workflows to facilitate end-to-end due diligence and seamless integration with back-end systems.

  • Configurable KYC Onboarding – Financial institutions (FIs) can configure the system to collect required KYC information and documentation to facilitate account opening
  • Configurable CDD/EDD Process – FIs can configure and update proper CDD and EDD trigger questions as part of the KYC process which seamlessly feeds into the customer risk rating process. FIs can use the system to onboard or integrate data from other platforms
  • Entity Relationships – Visualize entity relations and hidden ownerships powered by big data
  • Dynamic Customer Risk Model- Fully configurable in-house to manage the ever-changing AML risk landscape
  • Built-in Sanctions and Adverse Media Screening – List management and advanced negative news search, integrated with third-party data providers, if required
  • Robust Alert and Case Workflow – Built-in RFI capabilities and alerts and case workflows with email integration and productivity dashboards
  • Integrated with Transaction Monitoring – Risk data and transaction profile data are seamlessly utilized in transaction monitoring
  • Integrated SAR Filing – Via robust SAR filing workflow and e-filing process
  • Periodic Reviews – Ongoing monitoring based on risk and time/event triggers