Phil Cotter, Managing Director of the Risk business at Refinitiv

London-based Refinitiv, a provider of financial markets data and infrastructure announced that it will be expanding its suite of financial crime solutions into wealth industry as increased scrutiny from regulators and the demand for a more frictionless client experience from investors drive the need for more digital Know-Your-Customer (KYC) and onboarding processes.

The services are planned to move from traditional paper-centric wealth onboarding to cloud and API technologies to offer opportunities to streamline this process while improving the customer experience and decreasing risk. The push will see Refinitiv expand its World-Check Risk Intelligence into Wealth and Advisory segments.

Refinitiv offerings will include day-to-day risk management, onboarding and monitoring decisions through the latest innovations in AI and cloud computing, combined with its market-leading data and KYC solutions such as World-Check and Media Check.

“Today’s investors have high expectations, demanding an increasingly digitally-enabled personal relationship with instant access to accounts and information on the go while expecting a frictionless onboarding experience and speed of updates,” said Phil Cotter, Managing Director of the Risk business at Refinitiv. “We are in a unique position to help the industry meet these demands and at the same time comply with rapidly changing anti-money laundering KYC regulations.”

The company has also partnered with Truiloo to deploy advanced digital identity verification and biometric technology to help financial services firms reduce fraud and financial crime by verifying billions of customers online. Trulioo operates a Digital Identity Network that provides instant access to over 400 procured, vetted, and trusted data sources around the world.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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