Behind the music: Tuning the noisiness of your KYC

By co-writers: Guy Stiebel, CIO of Scanovate and Danit Ianovici, Scanovate content creator
Tel Aviv, Israel, 10 Oct 2019

When conceiving an orchestral masterpiece, a composer considers the intricacies of musical whimsy along with the harmonies the instruments create. It is a composer’s pedantic ear that knows which instrument to highlight at the precise moment to maximise the music’s impact on its listeners.

Similarly, Scanovate has created the know-you-client (KYC) orchestra consisting of intricate flows seamlessly harmonising with each KYC and anit-money laundering (AML) audit. Our expertise and insights guide us to know which data to reference at which moment to maximise the user’s data efficiency.

At first, we were playing to the wrong tune. Initially, as an image processing and biometrics company, we understood the importance of accurately identifying end users and their government issued credentials.

We researched and developed and set out to conquer the financial technologies industry with, what we were told was strong and effective technology.

However, upon expanding, we identified the bottleneck costing our potential clients billions of dollars in fines and manual employment expenses:compliance.

A large percentage of compliance work is the preparation: getting users to update their information, onboarding new users, connecting all relevant data points and efficiently using them to propel service upsale etc., which leaves much room for information to fall through the cracks.

We knew automation would better the processes, better equip compliance managers with the necessary information for audit and better the infrastructure to allow for intuitive and simple flow creation

Scanovate quickly realized the potential for compliance to be a dynamic, profit-generating department and built a system that orchestrates and streamlines compliance processes to minimize costs without harming conversion rates or accuracy.

After years of middle/back office insights, we put together the perfect orchestra of risk and compliance tools, which optimize broken mechanisms capable of perpetuating errors.

We understood how to highlight politically exposed person (PEP) (strings), Office of Foreign Assets Control (OFAC) (percussion), adverse media (brass) and sanctions (woodwinds) according to the desired transaction, and created a tool that simplifies, automates and allows these instruments to produce simple, translatable results.

We were finally playing music that was tugging at the strings of our clients’ major pain points, alleviating the financial toll it was taking and bridging knowledge gaps to ensure continued success. Our innovation immediately began reaching our clients’ KPIs and surpassed all expectations of the middle/back office employees whose complex struggles had left them in dire need.

Scanovate’s KYC Orchestra has been doing full tours in the EU, Latin America, Israel and the US, and audiences around the world rave about the efficiency and moving simplicity behind the orchestration. Scanovate says this is just the beginning and that the future of KYC will boast newer melodies and harmonic aggregation to provide clients with the best way to go from A to Z.