Sept 14, 2022
New capabilities help speed up client onboarding and reduce overall costs of AML compliance
Chicago, IL, September 14, 2022 - KYC2020 LLC, a leader in Sanction, PEP and Adverse Media screening and ongoing monitoring SaaS for anti-money laundering (AML) compliance, today announced the release of DecisionIQ 3.0. Designed for the enterprise, DecisionIQ 3.0 reduces manual workloads and delivers overall cost savings.
As regulators around the world are increasing the scope of regulations and the price of fines for failures, organisations need to monitor new and existing customers against AML watchlists while also providing a near real-time onboarding customer experience. The DecisionIQ updates announced today are designed to ensure that KYC2020 customers meet these requirements and reduce compliance workloads.
DecisionIQ is KYC2020’s advanced screening product that goes above and beyond traditional screening to automate and speed up customer onboarding. It uses AI to clear false positives and delivers real-time screening decisions. Each decision is backed by an auditable proof-of-work that is securely stored.
Rajeev Bahri, Head of Product and CEO of KYC2020 outlined three major ways DecisionIQ differentiates itself from competitors. The first is the data it leverages. "We call it 'smart' data because AI and NLP, along with good ol' fashioned human smarts, are used to clean, normalise and deduplicate the data to reduce false positives at source."
The second differentiator is its approach to screening. Unlike other products that produce scored hits with a high number of false positives, DecisionIQ automatically clears the false positives and delivers real-time actionable screening decisions with a proof-of-work file that is auditor friendly. Bahri said, "This is a very important differentiator because at the end of the day, when it comes to AML compliance and avoiding fines, you must prove to the authorities that you have a rational decision system that is comprehensible and easy to audit"
The final differentiator is its API-first approach along with all the features that go into delivering an enterprise class service. The platform was built for easy integration into third-party workflows and can be fine-tuned to meet the specific needs of a business.
DecisionIQ v3.0 has many improvements over the prior versions of DecisionIQ including:
Try us for FREE or schedule a demo to see how we can automate your client and merchant onboarding and deliver a 30%+ reduction in overall cost of AML compliance. Use promo code "HELLODIQ" for a 15% discount on annual plans through 2022.
KYC2020 is an industry leader in AML compliance technology. The company’s mission is to make AML compliance easy, effective, and affordable for enterprises of all sizes. KYC2020 provides global watchlist data, screening and decisioning solutions to over 250 global customers. Organizations rely on its platform, DecisionIQ for global Sanction, PEP and Adverse Media screening and Ongoing Monitoring. KYC2020 helps its customers speed up onboarding and stay compliant while delivering a significant reduction in manual workloads and overall cost of compliance. For more information, visit kyc2020.com.