Dalbir Sahota, Head of Bankers Almanac KYC at Accuity, discusses the latest innovation in the evolution of Bankers Almanac.
It is no secret that Know Your Customer (KYC) due diligence still involves sifting through realms of unstructured data, using manual and repetitive methods; and this is something we are helping the industry overcome.
Our recent survey of financial counterparty KYC professionals revealed that 74 percent of respondents find the lack of data and technology standardisation in KYC challenging, while 79 percent listed automating data and workflow processes to save time as a priority.
In this era of automation and digitalisation, how can we drive change?
My last blog on the automation of KYC discussed the need for the industry to find more sophisticated ways to share data and to move away from email, paper and PDF-based processes. I believe a crucial step forward in this automation journey is to harness Application Programming Interfaces (APIs) that can streamline the flow of essential KYC data into centralised systems, in a standardised format.
Introducing the Bankers Almanac: KYC API
By offering our unrivalled intelligence on global financial institutions via our new Bankers Almanac: KYC API, we aim to help financial institutions with large-scale KYC operations to be more effective, drive efficiency, and make the KYC process more sustainable.
We have worked in close collaboration with our clients to understand their challenges and help them meet three clear goals:
The Bankers Almanac: KYC API will automate the transfer of data from Bankers Almanac to banks’ internal systems, eliminating the window for human error and making KYC risk assessments more accurate.
It will free up valuable time that banks can redirect to risk assessment decision making, rather than spending on repetitive manual research tasks. Not only will this increase process efficiency, but it will also ensure decisions are faster and better informed.
Finally, the API will enable banks to scale their KYC operations seamlessly to meet increasing demand. By automating the manual steps of the process, their efforts will be far more sustainable.
Building upon a Solid Foundation
APIs lay the groundwork for further development that will inevitably come through the burgeoning areas of automation and artificial intelligence. This technology is becoming the standard way for the financial community to transfer information.
The REST API employed by Accuity has been at the heart of many transformational changes in financial services and technology over the last decade. With the Bankers Almanac: KYC API, we are enabling banks to tie their risk management processes more tightly to their overall operational infrastructure.
This is an exciting stride forward in the evolution of Bankers Almanac, which has been a lifeline for banks for almost 175 years.
We have always innovated to keep pace with the industry, and will continue to build on our rich heritage and the quality of our data to develop solutions that carry our clients into the future.