The Challenge
In late 2020, a UK-based financial institution was in search of an AML service that would provide customer screening and payment monitoring capabilities. The institution required a solution that was easily accessible through APIs and be priced under a software-as-a-service (SaaS) model. Of course, the AML service they were looking for had to comply with all FCA requirements.
After careful consideration and evaluation of various options, the client ultimately chose D8 Corporation for their AML service needs. One of the key factors that influenced their decision was the comprehensive configuration features, offered by D8 Corporation, that surpassed all other services they had explored.
Solution We Offered
We offered Anti Money Laundering Platform under the SaaS model, as an AML service. It stood out from the competition due to its robust and advanced configuration options. For example, the most flexible rule engine and behavioral analyzer on the market, as of this writing.
This feature allows the financial institution to customize and create rules specific to their business requirements and compliance needs. At the same time, the system is deployed in a data center that is operated by our Managed Services team. This level of flexibility allows our client to utilize the full power of an enterprise fraud prevention system while paying for it on a “pay-per-use” basis.
Our platform offers extensive flexibility and functionality, enabling the institution to effectively screen customers and monitor payments for any suspicious activities. By utilizing its powerful features, the UK-based FI can tailor the AML service to align with their unique risk profile and regulatory obligations.
The client’s decision to choose D8 Corporation for their AML service demonstrates their commitment to implementing a comprehensive and reliable solution for customer screening and payment monitoring. By selecting a SaaS model, the financial institution benefits from the ease of access and flexibility that cloud-based solutions offer. Moreover, our flexible commercial policy sets us apart from other providers on the market, ensuring that our client receives a top-notch AML service that meets their specific needs.
With our comprehensive features and commitment to customer satisfaction, D8 Corporation is well-positioned to support the UK-based FI in meeting their AML compliance requirements effectively and efficiently.
The Results
- Launched several risk-scoring models for approved customers
- Continuous monitoring of incoming/outgoing payments for all customers
- Full compliance with FCA requirements for screening & reporting
- Successfully avoided upfront CAPEXes with the SaaS model
