NEWS
Many established financial services organizations struggle to provide the hyper-personalization today’s consumers demand. In this CMSWire feature, Kathy Stares, Executive Vice President, North America for Provenir joins other experts in offering insights on tapping into and improving those hyper-personalized experiences.
NEWS
Risk decisioning or risk assessment has traditionally been a detail intensive task with someone sifting through information or data to make informed decisions based on the risk profiles. Using AI, organizations can process a larger volume and variety of data to spot patterns, gain better insight into their customers and identify potential risks at scale.
Listen to this podcast on BFM 89.9, The Business Station, as Bharath Vellore, Provenir’s General Manager for the APAC region, shares insights into how AI can help improve the customer experience and financial inclusion.
What is a decision engine and how does it help your business processes?
We see the world in 3D – and we should view credit risk the same way. As a lender, you’re often forced to determine credit risk using only a traditional credit score. But that leaves your perspective lacking.
Read our definitive guide and discover how using alternative data can enable you to:
Create a more agile approach to your credit decisioning process
Say yes to more customers, including those who are thin-filed or unbanked
Improve your decisioning accuracy and offer more cross-sell/upsell opportunities
Discover more about our Global Data Marketplace and supercharge your data strategy.
What is a decision engine and how does it help your business processes?
Partners
“Know Your Customer’s centralized onboarding platform provides a streamlined KYC experience to our corporate clients, while simplifying backend processes for our internal stakeholders and compliance team members.”
At Know Your Customer, we partner with regulated organizations to radically simplify, improve and digitize the KYC and AML compliance process.
Our technology replaces disconnected systems and time-consuming manual processes with one integrated solution, delivering stronger compliance and exceptional client onboarding.
Our platform connects directly to official company registries worldwide to retrieve documents, unravel complex company charts and identify Ultimate Beneficial Owners. With our outreach tools, compliance teams can securely verify the identity of individuals in 180+ countries. Integrated and on-going AML screening is performed on all customers, instantly flagging any changes in risk profile.
With offices in Hong Kong, Dublin, Singapore, London and Shanghai, we have established a client base across 11 sectors – including banking, FinTech, insurance, real estate, asset management – and 180 jurisdictions.
Partners
“Great product guys! It indeed can save tons of money and developer’s time, providing the customer with a convenient and stable SDK.”
As part of the cryptocurrency exchange Identance has absorbed many nuances of crypto trading. As a separate project Identance has existed since 2018. Using the experience of knowledge of cryptocurrency exchanges we have created our own unique product. Identity verification, fraud prevention, KYC/AML and KYB are just the beginning. We are expanding our horizons and entering the market of different industries: banking, tourism, insurance, HR and others.
The registration process with Identance takes up to 10-15 seconds for the user. We care about the convenience of our customers and use a personalized approach to each case. Our prices are affordable and flexible depending on the type of service, while at the same time the quality remains at a high level.
Partners
“Our data and segmentation possibilities provide for high yielding marketing campaigns.”
Established in 1975, Iberinform has pivoted its business model and become a truly digital and data driven product provider without losing its core value of providing fresh investigated information carefully sourced and curated.
2016 was an important year for Iberinform, as well as it was back then when the purchase of the Portuguese operation took place. Iberinform Portugal was founded in 1946 so we have over 130 years of combined expertise when it comes to managing data and information.
Nowadays, Iberinform boasts a full range of B2B datasets covering the needs of a wide array of customers. SMEs, sole traders, developers, fintechs and listed companies are among Iberinform’ s customer portfolio.
BLOG
Merchant onboarding is a critical process for acquiring businesses that involves acquiring, analyzing, and integrating large volumes of data. However, the manual and time-consuming nature of this process often results in delays and errors. For instance, if data or knowledge of the merchant is lacking, then identity can’t be validated. Compliance with Know Your Customer (KYC) and other governmental regulations has to be determined, as does creditworthiness. This takes days and can still involve a high degree of manual handling. To streamline this process and make it more efficient, automation is the way forward.
KYC stands for “Know Your Customer” and is a process that financial institutions and other regulated companies use to verify the identity of their clients. This process involves collecting and verifying various types of information about the client, such as their name, address, date of birth, and other identifying information. The objective of KYC is to prevent financial crimes such as money laundering, terrorist financing, and other fraudulent activities.
During the merchant onboarding process, compliance with KYC and other governmental regulations is required. Failure to comply with these regulations can result in fines and other legal consequences. By automating the merchant onboarding process, companies can streamline the KYC process, making it quicker and more efficient, while also ensuring compliance with regulatory requirements.
To simplify data integration, acquirers need to access and efficiently handle and analyze all data sources such as bank account information, commercial data, address verification, KYC checks, credit score, and more. To achieve this, a merchant onboarding solution with integration capabilities that can rapidly aggregate data from various sources is required. Non-standard data, such as that from social media, can supplement sources – if the acquirer has the means to get at it and pull out what’s relevant. To achieve this, the best solutions offer pre-built adaptors built on industry standards.
Operationalized risk models play a critical role in the merchant onboarding process. They integrate with the other elements that make up the end-to-end merchant onboarding process, ensuring that risk decision-making is not a bottleneck in the process. Technology and model-agnostic solutions can integrate with SAS, Excel, and anything else besides. Business-defined rules lay down the terms and conditions for each merchant and identify exceptions that require further investigation. A visual interface lets business users quickly establish the relationship between the risk model and the automated onboarding process.
Effective management of data is essential to a rapid, efficient merchant onboarding process. Technology for automated risk analytics and decision-making integrated into the onboarding process taps into multiple data sources and systems for a streamlined end-to-end process. To learn more about simplified data integration and operationalized risk models for merchant onboarding, check out our guide on our website.
NEWS
Industry veteran appointed to meet growing demand for its products and services
Parsippany, NJ — Sept. 21, 2022 — Provenir, a global leader in AI-powered risk decisioning software, today announced today that Adrian Pillay has joined as Vice President of Sales for Middle East and Africa as part of the company’s expanding investment in the region to meet growing demand for its AI-driven risk decisioning platform.
Adrian brings more than 20 years of experience implementing successful go-to-market strategies and building key partnerships in numerous financial markets. He has served in a variety of leadership roles at FICO, TransUnion, Experian, Dun & Bradstreet and Accenture. Adrian joins existing sales associates Elias Gitau and Tatenda Nigel Chinodakufa and is quickly building out a broader sales and go to market team to service the region.
“The number of fintechs in Africa is exploding with thousands being set up every year,” said Geoff Miller, Chief Commercial Officer for Provenir. “These fintechs are raising record investments as they seize the opportunity to provide a more responsive customer experience. According to McKinsey, nearly two-thirds of Africa’s 1.3 billion people do not have a bank account or full access to financial services, and 90% of all transactions on the continent are still cash-based. The opportunity to provide digital finance to this underserved population is enormous, and Provenir’s AI-powered decisioning platform can quickly help fintechs extend financial services to previously unbanked individuals.”
Nigerian consumer fintech company Carbon is leveraging Provenir’s technology to bring transformative change to the payments industry in Africa. “Delivering on customer expectations and providing a superior experience that is safe and reliable is a key priority. Partnering with Provenir allows us to give customers greater access to credit and quality financial services and we look forward to helping reshape the overall payment experience,” said Ngozi Dozie, Co-founder of Carbon.
Commenting on his appointment, Adrian said: “This is a time of unprecedented growth and disruption across the Middle East and Africa and Provenir has a very compelling solution that fits perfectly in this landscape. I am excited to join the company and help the team meet the growing demand for AI-driven risk decisioning solutions.”
Provenir’s industry-leading AI-Powered Decisioning Platform uniquely combines universal access to data, simplified AI, and sophisticated decisioning technology. This provides a cohesive risk ecosystem to enable smarter decisions across the entire customer lifecycle – with diverse data for deeper insights, optimized decisions, and a continuous feedback loop for constant improvement.
What is a decision engine and how does it help your business processes?
Partners
“The range of projects has covered almost every possible due diligence requirement, from the most basic documentation verification to some of the most challenging individual profiles. Cedar Rose has always performed to the highest standards of expertise.”
Cedar Rose provides high-quality credit risk reporting and analysis, business intelligence and investigative due diligence on companies across the world.
Our core belief is simple: by facilitating trust, we can help our clients create valuable opportunities and sustainable long-term business relationships. With unparalleled access to solid, reliable information on your business partners, transactions can be made safer and more secure so your company can continue to grow with confidence.
With our state-of-the-art AI-powered processes and technology to capture, edit and present information, we deliver reports that are reliable and complete, quickly. Our services include company credit reports, full due diligence, electronic identity verification (KYC and KYB), compliance checks, and many other risk analysis and verification solutions.
Company credit reports
Due Diligence Reports (Individual and Company)
Electronic Identity Verification (KYC and KYB)
Automated Compliance Screening
Global Sanctions and Watchlists Checks
PEP Screening
Adverse Media Checks
Data Sets
Marketing Lists
Global
Europe
Middle East
Africa
Asia
Australia
North America
South America
NEWS
Outdated system capabilities, limited access to data and outdated decisioning engines make it difficult for many financial institutions to implement advanced credit models to gain a holistic view of the consumer and help make more equitable credit decisions.
Financial institutions will increasingly depend on data as the go-to solution to accelerate innovation and create opportunities. In this article in Financial CIO, Bharath Vellore, General Manager of Asia-Pacific at Provenir, discussed the role Data-as-a-Service (DaaS) plays in opening doors to improve credit decisioning and ensure financial inclusivity, through efforts to bank the unbanked in Southeast Asia.
