Financial services organizations face an exceptional flow of loan applications due to provisions recently enacted CARES Act and they need to expedite Know-Your-Customer (KYC) operations and procedures, which are often manual and time consuming. Anti-money laundering solutions provider, NICE Actimize, has addressed the critical need by launching KYC Xpress, a cloud solution which automates manual KYC procedures and increased speed of processes by over 80%.
KYC checks are required to be performed on loan applications and are generally labor intensive, they are done manually and require multiple steps. NICE Actimize KYC Xpress automates these processes allowing teams to perform them quicker, as well as minimizing errors by 40%. NICE Actimize KYC Xpress also provides audit report with a time stamp for proof of compliance.
NICE Actimize KYC Xpress solution is powered by the cloud and provides organizations with the ability to perform searches across a comprehensive variety of global data sources, returning the needed information quickly. The automated solution of NICE Actimize organizes the aggregation of data from global sanctions, PEP, adverse media, corporate ownership, enforcement lists and I this way enables organizations to adhere to KYC regulations and quickly respond to their customers’ immediate, critical needs.
Craig Costigan, CEO, NICE Actimize commented:
Because of the CARES Act’s requirement to process loans expediently, it is NICE Actimize’s priority to reduce the burden on our customers’ operational needs. KYC teams are currently inundated with loan applications and are challenged to accomplish a massive amount of work in a reduced timeframe. Whether a firm’s loan applicant is a new or existing customer, KYC Xpress provides the automation and power of global data sources for quick and accurate customer decisioning.
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