Modules overview
Your compliance, your rules, your modules
Harmoney gives you the freedom to build your compliance flow your way.
Our modular approach lets you start with the features you need today and add more as your business evolves.
With open architecture and proven technologies like AI, Harmoney offers a full set of compliance modules, including data enrichment, client outreach, digital signatures, AML screening, risk scoring and ID verification.
Each module works on its own or as part of a complete flow. For the full Harmoney experience and to get the most value, we recommend using the modules together but the choice is yours, of course.
The Harmoney modules
Identification and validation
Harmoney facilitates a smooth identification process to onboard or reboard private individuals as well as more complex legal entities and trusts.
Conceived for an omnichannel environment, it leverages pre-filled information from internal and external databases, with the end client able to digitally confirm or make modifications to the pre-filled datapoints and documents via an intuitive workflow. The process can be configured to meet the financial institution’s particular needs.
For private individuals, worldwide ID checking can be added to the configuration to give greater reassurance on fraud detection. The confirmed data and documents can then be instantly and efficiently transferred via the API Gateway to the financial institution’s systems, with no loss of data quality.
Automated data and document enrichment
Making the whole process frictionless for both clients and employees, Harmoney extends the potential of external and internal databases by connecting with external data providers such as Bureau Van Dijk, Dun & Bradstreet and Creditsafe/Graydon and country-specific public databases.
These connections allow for automated data and document enrichment, both for private individuals and legal entities. This automation can include UBOs and board members and could extend to the crucial documents needed to onboard legal entities, such as deeds of incorporation and by-laws.
While these pre-filled journeys enhance customer experience, they also generate efficiencies for employees, since all data and documents are easy to find in the system without the need for handovers.
And from a client lifecycle management perspective, client data and risk assessments are continuously kept up to date. Daily automated checks for potential changes in external databases can trigger intelligent workflows, potentially leading to renewed risk assessments. In turn, this could initiate additional data or digital document collection, including validations of these changes by the end-client.
UBO verification and confirmation
In an ideal world, external databases would be 100% reliable. But, the reality is that a time-stamped confirmation by the end client is the only way to be confident about data quality.
With pre-filled information, legal entities can be invited to digitally confirm or modify UBO-related information.
Legal entity managers can also easily initiate workflows in parallel to collect relevant data or proof of ID of these UBOs, reducing the administrative burden. Fraud detection services for ID documents can be included for reassurance and to meet regulatory requirements.
Digitally signed confirmation timestamps provide a clear audit trail and can automatically generate triggers for future frictionless client outreach if reconfirmation is part of your client lifecycle management processes.
With Harmoney, the UBO confirmation process, often perceived as tedious and cumbersome, is rendered simple and straightforward.
Document validation and fraud detection
The ability to detect irrelevant or fake documents doesn’t just improve the fluidity of the process, it also makes it easier to combat fraud.
Technology built on OCR and AI not only detects whether the end-clients’ uploaded documents fit the requirements and are genuine, they can also add an automated analysis of all the shared data and documents to assess overall coherence.
Digital signing
A successful customer journey is only truly achieved with a smooth digital signing experience. Harmoney handles simple, advanced, and qualified digital signatures configured according to predefined workflows, depending on the specific requirements of product, policy or geography.
A range of digital signing providers to match individual company policies and requirements can be implemented. Being able to adapt the digital signing procedure or provider to a geographical location allows Harmoney to deliver a truly global solution.
AML, PEP, sanction, embargo and adverse media screening
Whether it’s in the onboarding acceptance process or as part of client lifecycle management, Harmoney caters for automated screening. Screening providers such as LexisNexis, Refinitiv, and Dow Jones are already integrated within the Harmoney solution. Financial institutions can keep their screening providers of choice and Harmoney easily links to them via an integration layer.
This brings all the benefits of integrating the Harmoney solution while maintaining risk screening continuity, with features such as ‘fuzzy matching’. Detailed reports on ‘hits’ can be automatically generated and linked to the private individuals or legal entities concerned. In many cases, institution-specific blacklists are also included in the automated screening.
Comprehensive risk scoring engine
The risk scoring module can be configured according to the risk matrix of the individual financial institution. The scoring engine can manage a high level of complexity and can include a range of risk parameters relevant to every stakeholder involved, whether UBOs, insured persons, company groups or other related parties, or related to the type of contract or product.
Depending on the risk scoring outcome, a range of workflow configuration types can be defined to meet your exact needs: from automated approval processes and requests for further information via the client outreach module, to escalation workflows and the acceptance/rejection decision-making process.
A clear track of the screening as well as every decision and interaction is retained to provide a continuous audit trail in the contract or client file.
Case management and continuous risk monitoring
Harmoney has been built to provide financial institutions with an all-encompassing client lifecycle management tool. Continuous risk screening and monitoring, including AML, PEP, and adverse media, can be organised at a frequency to suit your risk policy, and adapted to whether the risk profile is low, medium, or high.
Continuous screening can provide extra reassurance as well as process efficiency.
The potential hits arising from continuous screening can trigger additional workflow such as collecting further digital information from the client via the Harmoney client outreach module with a subsequent new risk assessment and compliance decision.
Unfortunately, continuous screening exercises can sometimes generate a significant number of false positives. The Harmoney platform has built-in intelligence to manage this phenomenon while staying in control of the risks, thus reducing the workload of the compliance and commercial teams.
Transaction monitoring
While Harmoney can bring all KYC and AML items into a single integrated platform, connections with transaction monitoring systems such as NetReveal and SAS AML may also generate triggers which can lead to new workflows.
This requires further information from the client, including proof of the source of funds, which again may lead to a new assessment and decision.
Mifid, IDD, and ESG profiling for investments and insurance
Client communication workflows can be fully digital or hybrid (a mix of digital and human) or completely supported by an advisor. At all times, the advisor can see which stages of the process have already been completed by the client and which stages are still open.
This also applies to the Mifid/IDD and ESG profiling process prior to a client signing up for a wealth management or life insurance contract or at the moment of renewal as part of client lifecycle management. After this profiling process, the workflow includes advice, the contract proposal, and related documents such as KID, as well as the client’s simple, advanced, or qualified signature.
The Mifid/IDD and ESG profiling is calculated according to the profiling rules of each individual financial institution.
Client outreach
The Harmoney solution has been conceived with the end-client as its starting point. To be truly customer-centric, the platform can cater for a multi-channel communication experience.
The end-client can be guided through the workflow by the advisor in a physical location or remotely, or be invited to digitally confirm or modify pre-filled data and documents. If the end-client stops part-way through the process, they can simply pick-up where they left off.
Legal entities have the possibility of organising parallel digital workflows, inviting UBOs to take part in the identification and verification process. To enhance the total customer experience, intuitive and flexible guidance is envisaged at every stage.
In a white-label arrangement, the end-client will not be aware of leaving the financial institution’s digital environment thanks to the combination of single sign-on technologies and the application’s configuration using the financial institution’s branding.
Reporting and analytics
Rigorous reporting is crucial in providing insights at client, contract, and portfolio level. To enhance operational management and the customer experience, data can be generated to analyse and monitor processes and customer behaviours, as well as how efficiency can be improved among teams of employees.
All data stored in Harmoney can be made available through reporting. Dashboards displaying a specified range of metrics in the Harmoney application facilitate work process effectiveness.