Owlin launches AI-based Due Diligence solution for banks

By Gloria Methri

Owlin has announced the release of Owlin for Banks, a comprehensive solution for Third-Party Validation and Due Diligence. The new solution caters to all teams within a bank that deals with Third-Party Validation and Due Diligence (e.g. vendors and KYB).

Owlin for Banks facilitates seamless onboarding, monitoring, and offboarding of third parties while ensuring compliance with regulatory requirements.

To meet the needs of banking clients, the company includes data covering Adverse Media, Sanctions, Politically Exposed Persons (PEP), State-owned Enterprises (SOE), various Watchlists & Blacklists, U.S. Securities and Exchange Commission (SEC) filings, and the Consumer Complaint Database of the U.S. Consumer Financial Protection Bureau (CFPB).

The development comes soon after the launch of Owlin’s end-to-end Know Your Customer (KYC) solution tailored for Payment Service Providers (PSPs).

With Owlin for Banks, users can go beyond traditional Google searches, going back seven years for adverse media signals, have global language coverage (17 languages), and show adverse media articles that cannot be found anymore via a regular search.

This translates into unparalleled speed to insights and time savings – transforming a sea of data into clear, actionable insights. The product distinguishes itself with seamless integration capabilities into existing tools and systems banks utilize. It recognizes that many users already have many tools to perform their tasks.

Stefan Peekel, Chief Growth Officer at Owlin, expressed his enthusiasm about the launch, “After the successful launch of Owlin for KYC customized for PSPs, we are excited to expand our offerings to banks. Ever since the outcome of the Bunq lawsuit against DNB (De Nederlandsche Bank), which permitted the use of AI in compliance processes, we have observed a growing demand for AI solutions for Governance, Risk, and Compliance (GRC). Therefore, we have been extremely excited to offer our services as an end-to-end solution for banks. This solution will help banks utilize modern technologies like data analysis and artificial intelligence to bolster their risk management practices and maintain regulatory compliance.”