back Back

Artesian: Duedil modernises UBO strategy for banks and insurers with new API endpoint

By Joy Dumasia

December 03, 2021

  • API
  • Artesian
  • Banks
Share

RegTech Artesian: DueDil has announced a solution to one of the most complex challenges impacting banks and financial service institutions. The company is set to launch its new Ultimate Beneficial Owner (UBO) API endpoint to improve onboarding speed and customer experience whilst vitally mitigating regulatory, financial, and reputational risk.

Obtaining comprehensive UBO information presents a significant challenge for banks and FSIs. UBO is a critical component of Customer Due Diligence (CDD) and Anti Money Laundering (AML) activities, and those institutions without a robust strategy have found themselves subject to vast penalties.

Banks and FSIs must evidence that they can conduct effective UBO screening as part of AML compliance, but it’s often a highly manual, time-consuming and error-prone process. Compliance teams can find it challenging to analyse and understand complicated UBO structures, especially with multiple jurisdictions. Likewise, failure to conduct UBO checks quickly impacts onboarding efficiency and, ultimately, customer experience.

Jason Knight, Product Director at Artesian: DueDil, commented: “We believe this is a real game-changer. Certainly, no other RegTech or UBO provider can connect the dots in quite the same way or deliver an answer anywhere near as quickly as we can, thanks to our Business Information Graph (BIG) and premium APIs. No matter how complex the ownership structure is, our new API endpoint will significantly speed up UBO analysis, immediately pinpointing discrepancies and improving the accuracy and speed of AMLD5 reporting. Customers trialling this new solution report as much as 80% efficiency savings.”

Recently, IBS Intelligence reported that Artesian Solutions announced a strategic partnership with DueDil, two of the UK’s FinTechs, in a collaboration that will aim to transform the ability of the UK FSI Sector to find the right customers, onboard them quickly and keep them for life.

Previous Article

December 03, 2021

Index Exchange launches Filipino Fiesta to increase remittances to the Philippines

Read More
Next Article

December 03, 2021

Mukul Chawla joins KKR as Head of Growth Equity in Asia Pacific

Read More










IBSi Daily News Analysis

Indonesia payment

March 22, 2023

API

Cyber risks surge with Indonesia’s evolving payments landscape

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

ConTe.it Prestiti partners with Tink to improve instant lending

Read More

March 21, 2023

4 Tunisia based FinTechs transforming the African finance industry

Read More

March 21, 2023

Cobis Topaz bags IBSi’s ‘Most impactful Open Banking project’ award

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q4 2022

£1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q4 2022

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q4 2022

£1,500.00 / year

Know More
Treasury & Capital Markets Systems Report Q4 2022

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022