'The gold standard of AML & KYC' - SmartSearch becomes only UK compliance provider to offer triple bureau reliability

Digital compliance specialist SmartSearch has become the only UK provider to offer triple-bureau reliability, securing its position as ‘the gold standard of AML & KYC'.

SmartSearch’s next-generation platform includes a number of key updates, one of which is the addition of a third data partner.

Through its dual-bureau offering – powered by Equifax and Experian – SmartSearch was already able to offer a market-leading match and pass rate of 95%.

The enhanced platform now takes additional data from TransUnion, creating the only triple-bureau compliance solution in the UK, and bringing the platform’s match and pass rate up to 97%.

Guy Harrison, SmartSearch CEO said: “Information reported to each of the three credit bureaus can be different, as can the creditors that are reporting that data, which means any compliance solution using only one bureau could be missing out on important information that may only appear on one of the three.

“By partnering with the three most reliable data credit bureau agencies in the world, we can offer our clients a much more granular approach, as we are able to tailor search configurations to each data provider and get a much more comprehensive view.”

The triple-bureau approach also vastly reduces false positives, as Harrison explains.

“Because we cross-reference across three data partners, we are able to offer the highest match and pass rate (97%) on the market, which not only reduces errors, but ensures our clients don’t waste time and money running enhanced due diligence on false positives.”

As well as the addition of triple bureau reliability, the next-generation platform also offers improved user management, enhanced configurability, fully automated bespoke workflow capabilities, improved API functionality and perpetual KYC (pKYC) for streamlined onboarding and up-to-date compliance information.

Harrison adds: “Our next-generation platform sets a new industry standard by offering regulated firms the gold standard in AML and KYC.

“Our latest development improved on our already market-leading platform by offering our clients integrated, bespoke solutions to create a seamless onboarding process and automated workflows.

“Our perpetual KYC solution and continually evolving search capabilities ensure future proofing of due diligence by delivering an accurate view of each customer throughout their lifecycle, automatically monitoring any changes to their status to ensure clients always meet their compliance obligations.

“All these enhancements not only make life easier for our clients by offering improved efficiencies, which save time and money, but they also combine to offer the most reliable and robust solution we have ever produced. Our platform now offers an unmatched single-source digital solution for our clients that not only ensures they meet their AML requirements, but also offers a configurable and streamlined compliance solution that utilises data and resources in the most efficient way.”

To find out how SmartSearch could help your firm create a smoother customer onboarding process and meet all its compliance requirements in one place, visit www.smartsearch.com