Ebury’s previous TM setup had become outdated, resulting in a large backlog of alerts and operational inefficiencies. As a result, Ebury’s compliance team sought a new long-term partnership for transaction monitoring to enable the company to scale while managing its financial crime risks.

A Personalized Approach

Ebury’s objectives for the partnership centered around creating a non-generic TM rule library configured to mitigate the specific money laundering and terrorist financing threats the business faces. Ebury’s ambition was to reduce the monthly false positive alerts it received to free up operational resources, delivering a laser focus on genuine threats. 

“We wanted a vendor that would give us the possibility of customizing our rules in line with our segmentation and provide us with the necessary information to understand the effectiveness and the efficiency of the platform. That’s something ComplyAdvantage allows us to do.”

Miriam Crespillo, Global Head of Sanctions and Transaction Monitoring, Ebury

ComplyAdvantage helped Ebury achieve its strategic objectives by implementing a TM rule library aligned with industry risk typologies that reflect Ebury’s different customer base. ComplyAdvantage ensured that each customer type was accounted for in its rule set throughout the scoping and build period. 

To support Ebury in its ambitions, ComplyAdvantage took a deep dive into what rules were currently working well for Ebury and which were no longer fit for purpose based on the company’s growth. 

Proactive Collaboration

Particular attention was given to understanding Ebury’s risk-based approach to ensure the new TM rule set satisfied their needs and aligned with its risk appetite. Ebury collaborated with ComplyAdvantage implementation consultants to define their data model and scope out the bespoke rules they wanted to build. ComplyAdvantage’s solution engineers built these rules in a secure QA environment for Ebury to test, change, and refine. 

“The collaboration between ComplyAdvantage and Ebury during the testing and implementation of the new transaction monitoring framework has been key to ensuring its successful release in a timely manner, which has resulted in a clear increase of effectiveness and efficiency.”

Miriam Crespillo, Global Head of Sanctions and Transaction Monitoring, Ebury

Bespoke TM Rule Sets

Deploying ComplyAdvantage’s TM solution has allowed Ebury to build rules and configure thresholds tuned to its risk assessment. This means its analysts can focus on the alerts that matter and identify real risks. By adopting a risk-based approach and tailoring the rule set to its customers, Ebury worked with the implementation team at ComplyAdvantage to configure appropriate rules, mitigate risk, and reduce false positive rates by 60 percent.  

One such rule was built when new sanctions were being imposed on Russia at an unprecedented rate from February 2022. According to Ebury’s Screening and Transaction Monitoring Manager Ignaat van der Meulen, “Every transaction sent to Russia had to be reviewed in real-time. ComplyAdvantage helped us quickly implement a custom rule that stopped anything going to Russia in real-time.”  

Another bespoke rule set involved splitting the annual estimation rule to allow Ebury to track new, higher-risk customers. In splitting the rule, ComplyAdvantage also implemented different thresholds for new and existing clients in light of Ebury’s risk appetite. This change enhanced Ebury’s risk-based approach by allowing their compliance teams to prioritize and monitor the activity of new customers with the highest risk levels.  

ComplyAdvantage’s TM solution has allowed Ebury to uncover new insights into customer activity, enabling the financial services company to detect new or emerging typologies and build rules to mitigate them.

A Longstanding Partnership

Going forward, Ebury is working with its dedicated customer success manager who understands the compliance team’s objectives and plans to drive success. 

“Our customer success manager plays a key role. They are very easy to approach and act as a filter between the vendor’s technical teams and us when we want to tweak something from an operational perspective.”

Ignaat van der Meulen, Screening and Transaction Monitoring Manager, Ebury

Through a collaborative success plan, clearly defined goals, quarterly business reviews (QBRs), and continuous dialogue, Ebury and ComplyAdvantage have a partnership to track and measure successful business outcomes.

The post Ebury Reduces False Positive Rates by 60% Through Bespoke Transaction Monitoring Rule Sets appeared first on ComplyAdvantage.

To combat evolving threats associated with the various sectors Payset serves, the company needed a transaction monitoring solution to evaluate risks associated with a client’s account and specific transactions. Additionally, the solution would need to perform pattern-level analysis across a range of data sets and timelines simultaneously and be able to immediately suspend all movement of funds on a client account as required.  

From Seamless Integration to Sandbox

After partnering with ComplyAdvantage, Payset’s in-house development team collaborated with their appointed implementation manager to integrate the company’s data into its new transaction monitoring platform seamlessly. Following this, Payset was able to utilize ComplyAdvantage’s sandbox environment, where real-life transaction monitoring data could be screened to ensure any proposed changes were effective before altering the configuration of the live platform. Once live, Payset’s dedicated customer success manager provides ongoing expert guidance, ensuring compliance operations are aligned with wider business goals. 

In addition to the quick and efficient implementation process, Payset partnered with ComplyAdvantage due to its wide-ranging transaction monitoring rules library. The compliance team could deploy these individually and collectively within the company’s designated customer risk segments, meaning Payset can now take more of a risk-based approach in its analysis of transaction monitoring data.

Tailored Fraud Detection

With ComplyAdvantage’s Fraud Detection solution, Payset is now able to more effectively handle scenarios that pose a particular threat in light of the company’s offerings and the sectors it serves. These include:

• Smurfing
• Payment fraud
• Business trading fraud
• Financial investment fraud

Mackulin also noted the solution’s capability to detect transactions inconsistent with a customer’s risk profile, stated business model, and flow of funds presented during the onboarding stage. By implementing ComplyAdvantage’s advanced behavioral analytics, Payset can detect unexplained and inconsistent account activity and map out associations between multiple client accounts and counterparties. 

Efficiency Gains

With ComplyAdvantage, Payset has experienced an improvement in the efficiency and effectiveness of its compliance team. In keeping with the company’s risk-based approach to compliance, the transaction monitoring alert process has allowed Payset analysts to prioritize and focus on the cases that require the most immediate and detailed attention. “We can now easily identify tasks and assign which ones need to be analyzed live or in retrospect,” said Mackulin.  

Additionally, thanks to ComplyAdvantage’s built-in report generation and data analysis tools, Payset can quickly summarize and assess its performance against various metrics. This information is then incorporated into the company’s senior management discussions to inform future strategy and decision-making.

Looking forward, Payset can update its platform in keeping with its ever-evolving transaction monitoring processes and working procedures. As the company’s client numbers and transaction volumes continue to grow, Payset is confident it has invested in a scalable solution and a long-standing partnership that will grow and adapt in tandem.

The post Payset Boosts Analyst Efficiency Through Transaction Monitoring Alert Prioritization appeared first on ComplyAdvantage.

“Digital banks want to help their customers have a seamless and fast banking experience,” explains Valentina Butera, Head of AML and AFC Operations. “But the challenge is these things benefit customers and criminals alike. Technology is developing fast, but criminals are developing their ways fast too.” 

For every fraudulent customer it onboards, Holvi experiences high rates of payment recall, police requests, and seizures. The digital bank looked to AI-driven solutions to improve its efficiency and accuracy in detecting high-risk customers without disrupting legitimate customers. 

Holvi uses ComplyAdvantage to onboard and screen its customers against adverse media, sanctions, and politically exposed persons (PEP) lists. It also uses ComplyAdvantage’s transaction screening, monitoring, and fraud detection products. Holvi also recently deployed Smart Alerts to optimize the efficiency of its transaction monitoring using AI. “We needed a dynamic way of fighting financial crime,” says Butera.

Fighting Fast-Changing Fraud Typologies

Butera’s team chose ComplyAdvantage’s Fraud Detection solution for its AI-based capabilities. “It was an easy decision for us, we immediately saw it had the latest technology, and the AI capabilities were something we were really interested in trying,” she explains. “We also knew the implementation would be extremely smooth.” 

AI-Driven Alert Optimization

Holvi also recently deployed Smart Alerts, an AI-driven tool that helps analysts prioritize the transaction monitoring alerts that pose the greatest risk to the organization. “It is the latest AML technology,” Butera says. The digital bank sought a holistic approach, finding that static rules often used by legacy financial institutions were ineffective at keeping pace with criminals. 

“The implementation of Smart Alerts was the smoothest implementation of tech that we have ever experienced. We did not experience any downtime or any interruption of business operations – not even for a second,” says Butera. 

Butera’s team quickly saw efficiency benefits as a result. Forty percent of Holvi’s high-priority alerts are true positives, compared to less than one percent of low-priority alerts. This automation has made Butera’s day-to-day work more productive. “As a Head of AML Operations, I know what alerts to prioritize and what my team needs to focus on.”

A Deepening Partnership

Through its deployment of ComplyAdvantage’s suite of products across onboarding and monitoring, Holvi is able to onboard customers speedily without compromising on its compliance obligations. “We know we can serve our legitimate customers while at the same time keeping a solid risk-based approach.”

Holvi has partnered with ComplyAdvantage for several years. “We believe our partnership with ComplyAdvantage will definitely continue to grow. We have grown together, and this is very nice to have in a partnership. Our needs have always been met, even though they are ever-changing,” says Butera. 

The post Holvi Deploys AI-Driven Risk Detection to Fight Financial Crime More Effectively and Efficiently appeared first on ComplyAdvantage.

An all-in-one cloud-based solution, Paytron enables businesses to streamline finance processes, including accounts payable, international transfers, and expenses. Its customers can make payments to suppliers, vendors, and service providers in more than 100 countries and a variety of currencies. It offers features including automated invoice capture, batch payments, and corporate cards with built-in expense management. 

The platform also supports effective risk management through an approvals workflow, audit trails, and the replacement of the non-secure bank files historically managed through a set of fragmented and poorly controlled processes.

Scalable Financial Crime Risk Detection

With a growing, diverse customer base covering global accounting giant BDO Global, consumer skincare brand Dermalogica, and startup incubator Stone & Chalk, Paytron needed a solution that could scale with its user base.

A dynamic, efficient transaction risk management solution that could meet both current and future regulatory requirements was critical. This would also demonstrate to Paytron’s banking and payment partners the importance it places on anti-money laundering (AML) compliance and transaction risk management. 

The solution needed to be flexible enough to manage an evolving set of transaction monitoring rules that will change as the business grows. In addition, Paytron was looking to monitor trends in its transaction data, using these to design and implement new risk mitigation measures.

Above all, Paytron sought partnerships that could scale with the business while remaining flexible.

Automated Transaction Monitoring and Screening

ComplyAdvantage’s Transaction Monitoring and Screening (TMS) solution enabled Paytron to reduce the need for human intervention in its financial crime risk management program. It also means the firm can manage its workload in a detailed, holistic manner without the need for a complex navigation system. 

The data insights and tools for case management also provided greater visibility into the firm’s risks, enabling analysts to intervene more effectively and identify where enhanced due diligence and supporting documentation are required. This significantly reduced the number of post-transaction queries received from agent banks and partners, allowing the business to scale with minimal resources.

Ongoing Optimization and Efficiencies 

Paytron’s customer success manager at ComplyAdvantage worked with the technology and compliance teams to streamline efficiencies through the TMS solution. The teams are continuing to work together, running end-to-end tests to ensure consistent, positive growth.

Despite these continued improvements, the results achieved by the partnership are already impressive. Post-transaction queries have been reduced by 75 percent, and false positives have been reduced by 20 percent, freeing up valuable analyst time to focus on the greatest business risks. Paytron has also been able to increase its transaction numbers tenfold, improving staff efficiency by reducing the need for manual input. As a result of implementing ComplyAdvantage’s automated TMS solution, Paytron said they have avoided having to pay over $200k in additional resourcing.

Key Benefits in Numbers

• 10x growth in staff efficiency
• 20 percent reduction in false positives
• 75 percent reduction in post-transaction queries

The post Paytron Reduces Post-Transaction Queries by 75% with ComplyAdvantage appeared first on ComplyAdvantage.

Overwhelmed By False Positives

Alviere needed a solution to improve operational efficiency and streamline productivity within its compliance department.

With its previous customer screening solution, Alviere also experienced a high volume of false positives, “even for existing customers that had been with us for many years,” explained Chief Compliance & Risk Officer Luis Trujillo.

“ComplyAdvantage, allowed us to transition away from our old model and gave us a new solution that was a lot more efficient and effective for our compliance operations.”

– Luis Trujillo, Chief Compliance & Risk Officer at Alviere

As a result, Alviere partnered with ComplyAdvantage for transaction screening and ongoing monitoring.

New Customer Profiles in Five Minutes

Alviere worked with ComplyAdvantage to implement an automated process that immediately screens customers against sanctions, politically exposed persons (PEPs), and adverse media lists. “From there, ComplyAdvantage takes care of monitoring that customer,” says Trujillo.

With these solutions, Alviere also benefits from being able to build new customer profiles within five minutes that fit the financial programs they create for their clients.

“ComplyAdvantage’s KYC screening solution helps us keep our platform clean and ensure we’re only doing business with the people that we want to do business with.”

– Luis Trujillo, Chief Compliance & Risk Officer at Alviere

ComplyAdvantage’s transaction monitoring solution also allowed Alviere to screen larger volumes of transactions than they were previously able to. This enabled Trujillo’s team to ensure any account receiving funds via their international payments products was not sanctioned or deemed high risk.

Sophisticated Sanctions Screening Integration

Alviere accesses ComplyAdvantage’s sanctions screening solution via a highly sophisticated headless integration. This allows the two platforms to connect via an API to communicate with one another. In this case, the APIs automatically interface with ComplyAdvantage on the backend, delivering information from ComplyAdvantage to Alviere’s teams and analysts via their in-house portal. This allows them to make crucial decisions without manually contacting ComplyAdvantage’s back office.

Efficiency and productivity are major challenges facing compliance teams. Precious time is lost when analysts switch between multiple systems to gather needed information or wait for responses from external teams or contractors. By using ComplyAdvantage’s RESTful API to create a headless integration, Alviere could address this challenge directly. The integration allows its teams and analysts to benefit from a single, automated source of information and communication within the Alviere platform. This, in turn, streamlines important case and manual review decisions.

Efficiency Gains

Alviere has seen the benefit of its partnership with ComplyAdvantage in the heightened levels of efficiency seen throughout its compliance department.

“Because of ComplyAdvantage’s system, today we are dealing with 48,000 fewer false positives.”

– Luis Trujillo, Chief Compliance & Risk Officer at Alviere

As Alviere’s business expands into European and Mexican markets, “it’s a big help knowing that we have a partner like ComplyAdvantage we can consult with and go to market with on new products and services,” said Trujillo.

The post Alviere Experiences 48,000 Fewer False Positives A Year appeared first on ComplyAdvantage.

PingPong’s advanced technology platform allows business to be conducted in any market and currency worldwide. The company’s products include e-commerce and B2B trade payments, acquiring services, card issuing, FX management, supply chain finance, VAT tax services, enterprise solutions, business intelligence software, and more. 

PingPong needed to accelerate the pace at which it was able to create new accounts and onboard customers. This had to be done without compromising response times for existing customers.

At the same time, PingPong needed a solid solution to streamline its due diligence checks to meet its compliance obligations across many different jurisdictions and build trust with its new and expanding customer base.

Prioritizing Cost-Effectiveness, Speed, and Responsiveness

With PingPong’s previous name-screening solution, the company experienced slow response times and a lack of customer support. These frustrations pushed PingPong to look for an alternative that could match their needs in terms of cost-effectiveness, speed, responsiveness, customer support, and usability.

“ComplyAdvantage stood out against legacy providers in the market and gave us the confidence that it could deliver – more like a partner than a vendor.”
– Cyrus Tong, Regional Chief Compliance Officer, PingPong

Complementing Business Philosophies 

PingPong chose to partner with ComplyAdvantage because the solutions on offer matched its customer-centric business philosophy.

“We want our partners to have the heart to do things like us – always wanting to do things better and faster for our customers. Just as we provide the best experience for our customers, we believe ComplyAdvantage can provide the same thing for us.”
– Cyrus Tong, Regional Chief Compliance Officer, PingPong

PingPong saw the benefit of its partnership with ComplyAdvantage following Russia’s invasion of Ukraine. “In the Russia and Ukraine war, we saw a swift reaction from ComplyAdvantage,” said Cyrus Tong. “They immediately uploaded all the names and requirements into their network, proving that they too value the importance of speed and accuracy for their customers.”

Streamlining the Review Process

With the ComplyAdvantage customer screening solution, PingPong was able to implement an automated process to reduce the human resources required for transaction reviews. This also limits the potential for human error in its compliance teams.

At the beginning of the relationship, PingPong used ComplyAdvantage for 20-25% of its compliance operations. Since then, this has increased to 100%. According to Tong, this increase is due to the relationship that was deepened through PingPong’s dedicated local customer success manager. “Having our customer success manager in the same time zone as us helped ComplyAdvantage better understand our business models, needs, and internal systems,” said Tong. 

As PingPong’s business continues to expand across the world, the company plans to roll out its ComplyAdvantage customer screening solution across its global businesses. 

The post PingPong Payments Streamlines Compliance Process Through Automation appeared first on ComplyAdvantage.

To remain compliant with these regulations while responding to emerging overseas payments threats, Lumon partnered with ComplyAdvantage for its customer screening and monitoring and transaction monitoring solutions.

A Long-Standing Partnership

Lumon’s relationship with ComplyAdvantage stretches back many years. Initially, the company was looking to replace its legacy customer screening solution, having grown tired of the limited connectivity between the company’s compliance function and its systems. Lumon wanted a solution with API-led connectivity and the ability to manually upload transaction data.

Lumon found many of the products provided by incumbent providers were not suitable for FinTechs. But in ComplyAdvantage, Giorgi says the team “saw a business that knew there was a gap in the market to support FinTech businesses.”

Over the years, the two firms have scaled successfully together. According to Giorgi, ComplyAdvantage’s adoption of artificial intelligence (AI) and machine learning was key to solidifying the partnership. Automation at speed, accurate data, and the ability to categorize and organize relevant risk data allowed Lumon to generate better insights and apply them throughout its system more efficiently.

Game-Changing Solutions

ComplyAdvantage’s payment screening functionality in its Amazon Web Services (AWS)-based transaction monitoring solution was a “game-changer” for Giorgi, allowing Lumon to centralize its payment screening and transaction monitoring activities within one team, connected to one system via a single API.

The solution’s connectivity and ComplyAdvantage’s quick response times provide Lumon with peace of mind when managing its risk exposure. The reliability of ComplyAdvantage’s customer success team was also lauded by Lumon. Giorgi explained he’s able to share his concerns, questions, and problems with his dedicated customer manager, knowing a response with proposed solutions will be in his inbox the following morning.

“ComplyAdvantage is supportive, responsive, and has a solution that is at the forefront of RegTech.”

– Alessio Giorgi, Head of Compliance and MLRO at Lumon

Managing Pandemic Fraud Risks

ComplyAdvantage’s transaction monitoring solution has allowed Lumon to uncover new insights into customer activity, enabling the payments firm to detect new or emerging typologies and then build rules to mitigate them.

“ComplyAdvantage’s solutions help us sleep better at night, knowing that we’ve got the right systems and controls in place and that they are effective.”

– Alessio Giorgi, Head of Compliance and MLRO at Lumon

For example, during the early stages of the pandemic, Lumon saw a sudden increase in COVID-related investment fraud. Within 48 hours of identifying this, Lumon developed and deployed new rule sets to combat the threat and prevent more customers from falling victim to scams.

“Deploying the ComplyAdvantage solutions has given us more control over our overall financial crime risk management framework,” said Giorgi. “I would definitely recommend ComplyAdvantage to other businesses, particularly those with ambitions to grow at pace.”

The post Lumon Tackles Money Laundering Typologies with New Rule Sets Deployed in 48 hours appeared first on ComplyAdvantage.

TransferMate is one of the world’s leading B2B payments infrastructure-as-a-service companies. Based in Ireland, the company enables individuals and businesses to make seamless, cost-effective cross-border payments in more than 201 countries and 141 currencies.

TransferMate aims to have “the best compliance team in the business,” explains Alex Clements, the firm’s Global Head of Financial Investigations and Monitoring. A crucial step toward this goal was identifying an anti-money laundering solution capable of operating 24/7, handling rapidly growing transaction volumes, and working in near real-time to deliver an exceptional customer experience.

Embracing Agility in Compliance

In its search process, TransferMate looked for a partner that could help its compliance analysts stay ahead of rapidly changing criminal behavior. That required a customizable solution capable of managing multiple risk scenarios as well as accommodating new information from law enforcement and other sources.

TransferMate chose to work ComplyAdvantage due to its global data coverage, comprehensive real-time sanctions updates, and the ease with which analysts could configure its system.

“We chose ComplyAdvantage because we wanted a complete solution. We wanted to strip back our data and understand every data point within our model,” explained Clements. “With ComplyAdvantage, we were able to build a complete rule set, so we could understand the exact risks we’re facing in our business.”

“We’re experts in global payments, not experts in compliance systems. That’s why we left it to ComplyAdvantage.”

– Alex Clements, Global Head of Financial Investigations and Monitoring.

Adopting a “One Team, Two Organizations” Approach

From the beginning, it was important for TransferMate to partner with a provider that understood its business and clients. During the implementation process, both teams communicated almost daily. Clements described this as a “one team, two organizations” approach. TransferMate worked with ComplyAdvantage implementation consultants to define its data model and scope out the bespoke rules it wanted to build for transaction risk management. ComplyAdvantage’s solution is built on Amazon Web Services (AWS). The firm used its industry expertise to help TransferMate achieve its goals, sharing ideas and best practices.

“We weren’t just looking for a vendor. We wanted to choose a partner, somebody that would work with us and would strive for the best quality and customer satisfaction.”

– Alex Clements, Global Head of Financial Investigations and Monitoring

Over time, the continued strong relationship with the firm’s dedicated customer success manager at ComplyAdvantage has been critical. This close partnership has grown over time, ensuring ComplyAdvantage is well-positioned to support TransferMate’s continued growth.

Providing Complete Control

Less than a year after its implementation with ComplyAdvantage, TransferMate has reduced the time it spends investigating transaction risk alerts by up to 50%. Analysts complete transactions that hit a compliance control in up to 40 minutes.

TransferMate has also experienced a reduction in false-positive alerts, giving analysts more time to focus on the alerts that present a real risk.

Another benefit the payments firm has experienced is in the education space. TransferMate onboards many universities where a family member is often making payments on behalf of the student. The control granted to the compliance team by ComplyAdvantage has enabled TransferMate to provide “comfort” to its customers, explains Clements.

“I’d recommend partnering with ComplyAdvantage. We have complete control over our front end here at TransferMate. The system is straightforward to use, and the data is live. We’re screening in real-time, and that gets us closer to our goal of being the best compliance team in the business.”

– Alex Clements, Global Head of Financial Investigations and Monitoring

TransferMate was shortlisted for Best Compliance Team alongside ComplyAdvantage’s customer success and implementation teams at the International Compliance Awards. Following the nomination, the team looks forward to growing its successful partnership as TransferMate continues to scale.

The post TransferMate Reduced Alert Remediation Times by up to 50% appeared first on ComplyAdvantage.

The company processes approximately 100 million payment transactions per year across a portfolio of more than 19 million properties located throughout the U.S. As a payments provider, RealPage has an obligation to its banking partners, clients, and residents to monitor transactions processed through its payment services and to identify and reduce instances of fraud and other illicit activities.

The Challenge

“The biggest challenge we have is keeping up with constantly growing levels of fraud. Just when you get used to certain patterns and volumes, they change again,” explains Blanca Rojas, Transaction Risk Manager at RealPage. The risks and typologies RealPage need to account for are driven by its atypical business model. For example, it has to screen across business-to-business and business-to-business-to-consumer relationships – both real estate firms and their customers – while also analyzing how money moves between them.

RealPage designed specific scenarios designed to capture illicit activities such as card testing fraud. However, the COVID-19 pandemic also introduced new fraud typologies that also had to be considered. As outlined in a FinCEN report (FIN-2021-NTC1) released on February 24, 2021, financial institutions, including payments companies, had to comply with reporting requirements on COVID-19 fraud activity. With such complex, fast-changing requirements, speed is essential. As a result, a reliance on manual reviews of customers and transactions would not deliver the scalability and efficiency RealPage requires.

The Solution

While RealPage did engage in a “buy vs build” debate, the firm quickly made the decision to partner with an external vendor. “We felt it was important to work with a company that had expertise in transaction monitoring, could understand our regulatory requirements, and how to apply these to our unique business model,” explains Rojas. ComplyAdvantage appealed to RealPage because its transaction monitoring and fraud detection client base extends beyond traditional financial institutions.

“Other software providers we looked at just had generic scenarios that were geared towards traditional financial institutions, rather than payment companies. Our business model is different even to other payment providers. The flexibility to build custom scenarios was important for us. Many vendors do not have the same level of flexibility. When we built our custom fraud scenarios, they were very targeted, and we knew exactly what we were looking for. We would not have been able to do this if we’d gone with another provider using out-of-the-box scenarios built for a traditional financial institution.“

– Blanca Rojas, Transaction Risk Manager, RealPage

During the implementation process, RealPage met with ComplyAdvantage’s development team to explore the best way to implement its unique rule set. This included the need to follow individuals across different properties and state jurisdictions, as well as identifying connected individuals. “One of the ComplyAdvantage developers suggested a way to achieve our rule objectives which was eye opening. It helped us to see our challenges in context,” Rojas noted.

Once live, the RealPage team worked with ComplyAdvantage to tune the logic of its rules, simplifying the number of data points they were screening. This included a range of above and below the line testing and assessing the potential impact of raising/lowering risk thresholds.

“I am seeing the activity in close to real-time – seconds. I have worked with different software providers at different institutions, and the rapid response to alerts is the biggest benefit I have seen.”

– Blanca Rojas, Transaction Risk Manager, RealPage

For Rojas, the biggest benefit of the ComplyAdvantage transaction monitoring and fraud detection platform is its near real-time capabilities. “I am seeing the activity in close to real-time – seconds. I have worked with different software providers at different institutions, and the rapid response to alerts is the biggest benefit I have seen.” This means RealPage can immediately review alert activity and act as necessary to prevent significant losses for its clients. Rojas’ team tracks cases and bad actors frequently and can see what they are able to achieve with the platform, and which rule sets are most effective at preventing illicit activity.

The case management functionalities in the transaction monitoring platform are also “streamlined and easy to use,” improving the efficiency of Rojas’ team and ensuring that all investigation documentation is properly logged and easily accessible.

Managing and triaging alerts effectively, escalating from junior analysts where necessary, is also seamless. “The dashboard reporting helps us to monitor the whole department so we can make sure alerts are cleared on time and we’re not getting behind on anything,” said Rojas. “The color coding means we can immediately see if there’s something that’s past due.”

Ongoing support provided by ComplyAdvantage’s customer success manager is critical. “She is hands-on, she has learned our system, and knows the ins and outs of RealPage’s business model. This means she can produce innovative ideas, communicate those to development, and explain why we need them,” said Rojas. Regular scheduled meetings enable the team to review issues and plan for new scenarios the team would like to implement. Quarterly success meetings provide RealPage with reporting on how its scenarios are performing, providing an external set of checks and balances on internal tests.

Next Steps

RealPage is now working with ComplyAdvantage to ensure its transaction monitoring and fraud detection program scales with its rapidly growing business. The firm recently integrated a new segment of its business into the platform and is working with its customer success manager to assess next steps based on projected dollar and transaction volume amounts. Above all, Rojas says, we are “ensuring there’s room for growth, so the product can grow with us.”

The post RealPage Prevents Financial Crimes in Near Real-Time appeared first on ComplyAdvantage.

Hampshire Trust Bank (HTB) is a specialist bank based in the UK that provides business finance, mortgage and development finance solutions. It also offers savings accounts to individuals and businesses. 

The challenge

HTB is working to stay ahead of the rapidly evolving financial crime landscape, and the growing sophistication of fraudsters. To support this work it was looking for a transaction monitoring and screening solution that would meet the needs of its growing customer base while safeguarding the bank’s reputation.

HTB’s compliance team recognized how the transformation of digital technology could enable the bank to achieve its strategic objectives.

To select the right vendor for its business, HTB ran an extensive RFP process, including a cost-benefit analysis and input from multiple line of business (LOB) stakeholders. The decision making group wanted to understand how the solution they chose would work in practice, to strike the right balance across operational and risk control variables. 

The solution

HTB selected the transaction monitoring and screening solutions from ComplyAdvantage because they offered flexibility in a number of areas:

• The extensive data sources – including adverse media – utilized by ComplyAdvantage provide a comprehensive screening solution in a single place. This means HTB can achieve wide-ranging checks in a single pass, with peace of mind that all possible sources are being reviewed.
• Proprietary data ensures HTB does not have to integrate with a third-party supplier, ensuring a simple, effective single partnership in this critical area. 
• Ongoing monitoring means a constant eye is cast over any potential financial crime risks, so they can be mitigated effectively.
• As a hosted, supplied solution managed by ComplyAdvantage, HTB can focus on reducing the risk of financial crime, while ComplyAdvantage manages the technical side of the platform.
• By adopting a risk-based approach that includes tailoring its rule set to the users of its products, HTB was able to work with the implementation team at ComplyAdvantage to configure appropriate rules, mitigate risk and reduce false positive rates. For example, the team is looking at how to optimize the application of its rules for charities, who operate their accounts in a different way to other business customers. 

These features enable what Robin Jeffery, Head of Transformation at Hampshire Trust Bank, refers to as “a platform which supports a constant cycle of learning and evolving, able to adapt in line with the changing behavior of both customers and criminals.” He added: “Other products we reviewed on the market were more rigid. ComplyAdvantage enables us to focus on continual improvement, adapting the platform as we learn and as the world evolves.”

Another key benefit of the partnership with ComplyAdvantage has been the collaborative approach throughout the implementation process. “It didn’t matter who worked for HTB and who worked for ComplyAdvantage. We had a single team, driving forward the delivery with a focus on achieving the outcome.” 

Next steps

Now that HTB has implemented ComplyAdvantage’s screening and monitoring solutions, it is aiming to use the single alert dashboard view to present new insights that can drive the bank’s digital transformation process. However, successful deployment is only the beginning of the partnership. Regular calls with the customer success team at ComplyAdvantage ensure HTB has access to the latest updates and features, and helps keep the team up-to-speed on industry best practices. 

Both ComplyAdvantage and HTB know that the biggest challenge they face is the continued evolution of both customer and criminal behavior. An informed compliance strategy and a modern, agile and flexible technology stack is HTB’s answer to this challenge.

Find out more about our transaction risk management solutions. 

The post How HTB deployed an agile, scalable transaction monitoring, payment and customer screening program appeared first on ComplyAdvantage.