Redeemer University College selects DecisionIQ, KCY2020's next-generation sanction screening solution for its KYC List Screening requirement. "Our evaluation process included a number of solutions," said Tracy Van Dijk Director, Financial Services at Redeemer. "KYC2020's dedication to innovation and underlying subject matter expertise was apparent during the sales process. As any regulated entity knows, false positives create incredible inefficiency and frustration for staff. We really liked that KYC2020's DecisionIQ solution was easy to interface via email, delivered pass/fail screening decisions, and maintained auditable records. DecisionIQ has saved us a significant amount of manual work for our compliance function as compared with the other solutions we evaluated."
DecisionIQ uses probabilistic search algorithms to cast the widest net for false positives from over 900 lists which include Sanctions, Criminal, Politically Exposed Persons (PEP), and Heads of International Organizations (HIO). It then uses deterministic algorithms to review the search results much like a compliance officer would to arrive at a PASS, FAIL, or VERIFY decision. The VERIFY decisions are continuously reviewed to improve the machine learning models. A key to DecisionIQ success is its 'white-box' system design that maintains a logical and auditable 'proof of work' for each screening decision.
Customers may interface with DecisionIQ via API, online web interface, or as in the case of Redeemer, via email. Redeemer securely sends batch processing requests via email that are automatically handled and responded back via email. The email body contains summary information that alerts Redeemer if manual action or enhanced due diligence is required for any record.
"We are very happy to have the opportunity to work with Redeemer," says Rajeev Bahri, CFA, CAMS, Managing Director and Head of Product at KYC2020. "We recognize that non-financial institutions and emerging payments FinTech innovators do not have the time or staff resources for high-friction AML compliance workflows. Our solutions are designed around this requirement to help our customers achieve compliance effectively," said Bahri. "We like to think that we are moving our customers from the inherent in-efficiency of traditional 'screening' to the efficiency of 21st century sanction 'decisioning' systems."
Redeemer University College is a Christian undergraduate university offering programs leading to Bachelor of Arts, Bachelor of Science and Bachelor of Education degrees. From its Hamilton, Ontario campus, Redeemer has prepared graduating classes — the next generation of Christian leaders — for more than 35 years. Redeemer students are being shaped by the Reformed Christian commitment to see faith woven through all aspects of learning and life. From the classroom to the convocation stage to careers and churches, our faculty, students and alumni are making an impact that resounds in our culture and across the world.
KYC2020's mission is to make AML compliance easy, effective, and affordable for Emerging Payments FinTech and Small and Medium-sized Enterprises (SMEs). KYC2020 aggregates, cleans, and standardizes global data sources that include sanction lists, regulatory enforcement lists, criminal lists, PEP lists, HIO lists, and open government data lists. KYC2020's sophisticated screening and scoring services are powered by next-generation technology to reduce false positives and eliminate manual workflows that slow down the customer onboarding process. KYC2020 solutions are designed by seasoned payments industry professionals and CAMS™ and Vskills™ certified AML specialists with deep software experience to not only meet our customer's risk-based approach and business requirements, but to also fit their budget and exceed their regulatory and compliance requirements. To learn more about our solutions, visit us at www.kyc2020.com.