ARIE Finance, setting a new standard in KYC

Digital KYC

One of the key objectives we had when founding ARIE Finance as a digital native business banking platform, was finding a way to use technology to accelerate the onboarding process for our corporate clients, while complying with the highest standards of regulatory requirements around the world.

In order to reach a balance in between these two contradictory positions, innovative solutions needed to be designed and implemented.

The time taken for businesses to open new accounts or start new relationships with any financial services providers has grown exponentially in recent years. This has been driven by slow and complex systems, combined with an ever-increasing list of compliance requirements and requests for growingly detailed filings during the “Know your Client (KYC)” process.

According to Artesian, it takes an average of 32 days to onboard a new customer, requiring approximately 8 different interactions during the process. In our experience, it can even be significantly longer than this for companies with complex structures and significant cross border businesses.

As a new player, ARIE Finance had the ability to start with a blank piece of paper and to design a solution for the 21st century, away from the successive layers of legacy systems dating back many decades. Working in partnership, ARIE Finance’s experienced team of compliance experts and technologists built upon our the modular banking platform, to design a unique, proprietary KYC system.

This system combines our proprietary platform as well as additional “technology bricks” from leading 3rd-party providers, all seamlessly connected via APIs. The result is an automated process built to effectively and efficiently manage the complexity of differing regulatory requirements in key financial centres around the world.

Uniquely, our system combines the latest in automated technology with the personalized guidance and support of our experienced compliance and customer facing team. This combination of high technology and customer service is central to ARIE Finance’s entire philosophy.

ARIE Finance’s onboarding methodology utilizes API-based automated process allowing to search and integrate in real-time registries and databases across several jurisdictions. As a result, when clients open an account with ARIE Finance we save them a large amount of time as key information on ultimate beneficial owners and directorships, amongst other things, is automatically collected and added to their file. Furthermore, this system is automatically updated 24/7 so any changes which occur in the company registries, for example to directorships, are almost immediately reflected in our records, giving you the peace of mind to focus on running your business.

KYC verification on individuals, such as UBO and Directors, will also be done instantaneously through our connectivity to leading global identity verification platform services. In addition, our onboarding process utilizes a complex system of algorithms which combine different global regulatory requirements and our own bespoke risk scoring process. This risk scoring is updated in real time as any changes occur in the clients’ profiles.

As a result of this combination, we can onboard low-risk complex corporate clients in a matter of days.

For now, our system is focused on the largest markets, but we are working to expand it over time to become global. As more and more businesses migrate to the cloud, we foresee a future where KYC information can be exchanged seamlessly, in real time around the world.

Such a future would provide enormous benefits for banks, their customers, regulators and, ultimately, the global economy. As a digital native bank ARIE Finance is committed to delivering on this vision for its clients!

By Aisha Sudally