19JULY 2021sector. Thanks to its technology, users can now update their customer base and review risks on customer profile nearly real-time regardless of seniority. The Vneuron Compliance Solutions deliver all the functionality expected by financial service regulators and partner institutions in a simple, fast, hassle free and cost-effective fashion. In essence, ReisTM RCS has four components that include ReisTM KYC, ReisTM TFS, ReisTM AML, and ReisTM GTC. ReisTM KYC provides full coverage of the entire client onboarding process and CDD. Mhiri mentions building trust in a digital premise is a daunting task when compared to the traditional banking formats. "`How to verify the authenticity of a customer virtually?' is the question that confounds many," remarks Mhiri. ReisTM RCS, through its enhanced and more developed digital ID functionality, is bursting the bubbles of scepticism and helping clients reinforce the foundation of digital transformation during client onboarding processes. In that regard, it supports full KYC and onboarding approvals and allows real-time payments and remittance transaction screening. With built-in integration to major Compliance content providers (Refinitiv and Dow Jones), the robust solution streamlines PEP/Sanctions Screening with support of low-resource languages (EMEA). To that end, ReisTM TFS offers real-time screening of domestic and cross-border payments. With modern APIs integrated at its core, the solution prevents filtering of transaction and gives full control of sender, beneficiaries, and vehicles (countries, ports, ships, and others) to clients. Besides, the AI-powered and STR automated ReisTM AML scrutinises customer segments for accurate profiling and lower false positives. Rounding off the product suite is ReisTM GTC that helps in the identification of American customers as defined by the IRS and FATCA law.In addition to these capabilities, ReisTM RCS is provided with an integration workbench that allows it to connect with a wide span of IS generations: Modern and API-based systems to legacy ones (AS400, HP3000, etc.). Thanks to its API-based platform, the solution can be integrated to different channels and frameworks on-premises or incorporated through its cloud-based platform to service the client's convenience and need. In fact, the highly customisable solution addresses the AML configuration jurisdiction challenges posed by both local and international authorities and equips users with adjustable modules. It even eradicates the need for coding or hiring developers for additional support, thereby offering a user-friendly interface to compliance officers. Paving the Way for a Brighter FutureSpeaking further, Mhiri hints at the scepticism among customers regarding digitising operations and generating results faster. He comments, "The customer will never understand the back-office process that goes behind approving a transaction." Hence, to resolve this, Vneuron developed an innovative transaction module that allows real-time assessment of every transaction made. Plus, it even flags suspicious activity and informs the user of the same instantaneously. To that end, its state-of-the-art digital ID product allows large financial institutions to identify customers through virtual facial recognition and strengthen the trust between the parties involved. To elucidate an evocative picture of how Vneuron mitigates clients' issues, Mhiri shares one case study wherein the company partnered with an African Bank. At the onset of the pandemic, the bank witnessed a rapid growth in mobile banking and card payments. Although their legacy technology was able to provide sufficient security to the traditional banking process, it could not keep up with transactions being conducted online. That was when they turned to Vneuron. With Vneuron's technology, they were able to seamless extend their security capabilities to new channels. Even today, the bank depends on Vneuron's robust technology to cover the full spectrum of KYC, name screening, and payments monitoring. Such success stories have encouraged Vneuron to make further investments in technology to not only mitigate financial crime and protect financial institution reputation but also enhance the business performance of its clients. Banking on its ingrained expertise and out-of-the-box approaches, the company is marching ahead to become the global anti-money laundering technology provider. As its next step, with roots spread across Europe and Africa, it aims to strengthen its footprints in the Middle East, Latin America, and the Asia Pacific and also launch an innovation hub in Africa. Upon realising the importance of the cloud, Vneuron is striving hard to inculcate the benefits of the stellar technology into its APIs and encourage financial institutions to integrate the same in their interfaces/modules. Besides, the France-based firm is working towards supporting cryptocurrency payments in the days to come. Our vision is to ensure modern and comprehensive technology to transform the burden of AML duties into an efficient and streamlined process with no pain at all
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