Automated KYC remediation
As a trusted partner for your customers, your goal is to enhance every client's user-experience. The more effectively you can gain an in-depth understanding of each individual or corporate customer, the sooner you can exceed their expectations.
Harmoney seamlessly streamlines your KYC process with a user-friendly, efficient and connected approach, including automated KYC verification, KYC requirements and KYC analysis. These elements collectively boost your customers' lifetime value and establish a solid foundation for long-term, trust-based relationships.
With Harmoney's automated KYC remediation, financial institutions achieve instant compliance based on high-quality data, for complete peace of mind. Our mission as the leading KYC orchestrator is simple: to always provide the fastest and most compliant remediation on the market.
Why KYC remediation matters to financial institutions
As a financial institution, your KYC remediation is entirely focused around maintaining up-to-date customer records. This way, you can better trace key factors, such as customers’ source of funds, business activities, and transactions.
The regulatory framework for your KYC procedures and verification is becoming stricter every year. Smart, and swift KYC remediation not only helps you to keep an accurate risk score of every client in your portfolio, but it also helps you to cover yourself towards the regulatory authorities and avoid sanctions.
Comprehensive and automated KYC remediation for your business
The essence of your Know Your Customer (KYC) assignments is straightforward: verify the identities of your clients and assess their risk profiles as quickly and efficiently as possible. Comprehensive and automated KYC ensures that your teams have a full understanding of your end customers’ situation at all times. Always accurate, always accessible, and fully transparent: that is how we organise KYC for you with Harmoney.
Urgent KYC remediation can be a time-sensitive undertaking, driven by regulatory pushes. Becoming compliant with your entire customer database involves pulling data from various complex document and data sources. At Harmoney, we’re here to help.
Fix your KYC remediation issues
While your bank or broker is unique, there are a number of common recurring challenges they face when it comes to KYC remediation. Three key issues the Harmoney platform addresses:
Data complexity
Finding the relevant information for your vetting and remediation is a never-ending challenge. This is why up-to-date and reliable data sources are crucial. With Harmoney, you easily integrate with new and existing sources to enrich the data in a fully automated manner. Additionally, for missing data that is not available in internal or external databases, Harmoney supports to reach out directly to the agent or end-customer. Via the web platform, using a laptop, smartphone or tablet, any stakeholder can update their data instantly.
Regulatory changes and cross-border KYC compliance
Keeping up with changes in the regulatory landscape can be difficult and time-consuming, especially for organisations who operate internationally under different jurisdictions. Making sure your KYC procedures align with the latest requirements is a common challenge across financial institutions. Harmoney helps you to be in control and fully compliant, no matter where you operate. Any process implemented within the Harmoney platform can be fully customized at any time to meet the evolving needs of your organization.
Technology Integration
Implementing and maintaining a unified and efficient technology stack is crucial for effective and automated KYC remediation. Adding to the complexity is the need for a smooth user experience, both for your KYC compliance teams and your end clients. Harmoney is open to any existing platform through APIs and custom integrations.
Why use Harmoney?
Full flexibility on data enrichment
Harmoney employs data enrichment using both internal and external databases, including Bureau van Dijk, Creditsafe and Dun & Bradstreet.
Fastest time to market
Remediation actions can be put in place in a matter of weeks, as the platform builds on existing modules and expertise.
Fully configurable workflow
We define the ideal remediation workflow depending on your needs, using our configurable modules. Smart use of existing modules allows for fast implementation.
Multichannel approach
Harmoney enhances the interaction between relationship managers and end clients, supporting every channel of communication, in full compliance with all regulatory requirements.
We chose Harmoney because of their focus, availability and efficiency. They told us that they could solve our problem within three months, and we were surprised to see they could meet the deadline.Full testimonial
Seamlessly integrated KYC remediation, across all channels
Whatever your most pressing KYC remediation issues might be: we’ve got your back. We make sure your KYC remediation helps you to become – and remain – fully KYC compliant, across every channel. The Harmoney compliance platform integrates seamlessly with all your channels, across all steps of your KYC verification process. At the same time, our platform communicates with all leading tools and your custom environments, so you can rest assured your KYC procedures are taken care of.
5-step KYC remediation process
Harmoney’s compliance orchestration platform not only addresses typical user experience and security challenges of your remediation process, but also automates the alignment of workflows with rules and regulations, pulling additional data from reliable sources. Behind the scenes, our KYC remediation process unfolds in five stages.
Step 1: Identifying remediation needs
Our team assesses the regulatory coverage of your processes and identifies areas that need remediation, followed by an outreach strategy and remediation workflow.
Step 2: Migration and configuration
Existing customer data is uploaded into the platform. Our team configures your workflows, screenings, customer due diligence checks, and required documents and data by customer type (individual vs. corporate).
Step 3: Data enrichment
The Harmoney platform automatically augments your customer data with information provided by reliable external data sources and by reaching out to customers via the channel of their choice. AI-assisted technology helps with liveness checks and other verification processes.
Step 4: Remediation KPIs
Harmoney offers monitoring and reporting dashboards during the remediation process, next to automated risk grading, a complete audit trail and secure, fully digital interactions between your compliance team, relationship managers and end customers.
Step 5: Post-remediation
Smoothly transition from remediation to ongoing customer due diligence and streamline the offboarding of unwanted customers.