Duedil Modernises UBO Technique for Banks and Insurers with new API Endpoint

LONDON, Dec. 1, 2021: London-based RegTech Artesian : DueDil has right this moment introduced an answer to one of the vital advanced challenges impacting banks and monetary service establishments. The corporate is ready to launch its new Final Helpful Proprietor (UBO) API endpoint, to enhance onboarding velocity and buyer expertise, while vitally mitigating regulatory, monetary, and reputational danger.

Acquiring complete UBO info presents a major problem for banks and FSIs. UBO is a key element of Buyer Due Diligence (CDD) and Anti Cash Laundering (AML) actions, and people establishments and not using a sturdy technique have discovered themselves topic to huge penalties. Simply final 12 months Commerzbank London was fined over £37 million for AML failings, while in 2019 a file high-quality of £102 million was imposed on Commonplace Chartered Financial institution.

Artesian : Duedil logo

Artesian : Duedil emblem

Banks and FSIs should proof that they’ll conduct efficient UBO screening as a part of AML compliance, but it surely’s typically a extremely handbook, time consuming and error inclined course of. It may be tough for compliance groups to analyse and perceive difficult UBO constructions, particularly if coping with a number of jurisdictions. Nonetheless, if a agency doesn’t piece collectively the puzzle precisely they can’t fulfill KYB/KYC obligations or perceive the potential dangers a buyer represents. Likewise, failure to conduct UBO checks shortly impacts onboarding effectivity and in the end buyer expertise.

Jason Knight, Product Director at Artesian : DueDil commented: “We imagine this can be a actual recreation changer. Actually, no different RegTech or UBO supplier can join the dots in fairly the identical method or ship a solution wherever close to as shortly as we will, due to our Enterprise Data Graph (BIG) and premium APIs. Regardless of how advanced the possession construction is, our new API endpoint will considerably speed-up UBO evaluation, instantly pinpointing discrepancies, and enhancing the accuracy and velocity of AMLD5 reporting. Clients trialling this new resolution report as a lot as 80% effectivity financial savings.”

Discover out extra concerning the UBO endpoint right here: https://www.duedil.com/ubo-endpoint

NOTES TO THE EDITORS

For extra info please contact:Kelly Prior, PR ConsultantTel: 07730 572878Email: Kelly@kellyprior.co.uk

About Artesian Artesian is a number one supplier of consumer relationship intelligence and danger options geared toward serving to you discover your subsequent buyer, establish dangers, interact successfully, and resolve advanced, excessive worth challenges in B2B frontline groups. Artesian combines modern data-science with the world’s finest premium enterprise info, a strong Perception Engine and bespoke processing guidelines, connectors, and APIs, to ship a uniquely configurable platform.

Utilized by the main banks, monetary companies corporations, insurers, tech, and telco enterprises, Artesian solves quite a few challenges from enterprise improvement, gross sales engagement, and buyer administration to extra specialist duties like consumer danger pre-screening, buyer onboarding and industrial underwriting automation.

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About DueDilFounded in 2011, DueDil is an organization intelligence platform that delivers insights on each UK and Irish firm and the folks behind them. DueDil offers an entire view of the UK and Irish market so the SME onboarding course of is as sturdy as it’s frictionless. All of that is out there in a single KYB for Life platform that ensures compliant onboarding and proactive danger monitoring.

DueDil was named RegTech Accomplice of the Yr two years in a row on the British Banking Awards in recognition for its work remodeling the digital buyer journey for tens of hundreds of UK SMEs. DueDil has a number of well-known shoppers, together with Santander, Metro Financial institution, Funding Choices and TSB Financial institution. Traders embody Augmentum Fintech plc, Oak HC/FT, and Notion Capital.

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In September 2021, Artesian and DueDil merged. Go to better-business-faster.com to seek out out extra.

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