Philippe Sanchis, CEO
Know Your Customer (KYC) regulations are a critical cornerstone of the global financial sector, safeguarding it from crime and corruption or the funding of terrorist activity. While criminals are becoming more sophisticated, KYC requirements for verifying customers’ true identity and completing due diligence are getting more complex, and regulations are evolving far too quickly to keep pace with. Besides, the skyrocketing costs for KYC compliance and the highly time-consuming process collecting and authenticating documents for customer onboarding aggravate the situation a notch further. While maneuvering the labyrinth of complex KYC and anti-money laundering regulations, banks, insurance and financial institutions seek technology solutions and ad hoc processes to meet the need for drastic verification and authentication.
Their search ends with VIALINK. A subsidiary of the BRED Banque Populaire Group, VIALINK is helping companies become more innovative and digital with its automated KYC solutions. Powered by AI and deep learning, VIALINK’s innovative solutions assist banks and financial institutions in automating their KYC processes through an easy to integrate API platform to reinforce the quality and monitoring of operations and have optimum control of risks.
“We provide solutions for both sales and compliance side. We enable easier and quicker customer onboarding and provide real-time feedback to customers. The fully automated, AI and deep learning-driven platform delivers quick answers to the customers and presents an analysis of the customer document (KYC process) in less than 10 seconds,” says Philippe Sanchis, CEO, VIALINK.
The company’s ability to deliver faster identification processes and simplified procedures enhances customer experience drastically—from opening to closing a customer account through its remediation.
VIALINK KYC offers a 360-degree view of the customer, which focuses on not only the identity but also other aspects such as address, revenue, determining if a customer is politically exposed person or has links with terrorist networks, and more. “We include all the controls on the compliance side and carry out the processes through our platform at the time of enrollment, which makes a huge difference,” adds Philippe Sanchis. The 360-degree, real-time approach of VIALINK’s platform is further strengthened by its ability to perform both KYC and Know Your Business (KYB) processes for screening individuals and companies respectively. Instead of describing difficult business logic in their systems, banks, insurance and other financial institutions can access VIALINK’s AI platform with easy API integration. Combining AI with human intelligence, VIALINK’s platform provides a complete KYC process that supports users with reliable, faster, simplified, and cost-effective procedures along with improved customer experience, all while adhering to compliance requirements.
VIALINK is aggressively investing in AI to overcome the shortcomings of traditional approaches that involve manual KYC check of different documents—from customer IDs, payslips to tax reports, invoices, and more. “We have invested both in computer vision and deep learning techniques to be able to read and analyze documents or images more efficiently and obtain information from each client file. Companies cannot scale with the existing template approach to reading documents. More so, these traditional methodologies are far from being reliable. On the other hand, our solutions have demonstrated a high percentage of accuracy at each stage of KYC check,” says Philippe Sanchis. That’s not all; the uniqueness of VIALINK also stems from the fact that the company’s focus is not restricted to just the bank documents or personal data. VIALINK goes the extra mile to glean information from different sources on the internet to send back precise and accurate data to its clients.
VIALINK primarily serves traditional banks that operate using both digital as well as face-to-face processes. With a strong footprint in the French and European market, VIALINK aims international growth to accomplish global coverage of its products. The company looks forward to embracing advanced revenue analysis and eliminating manual back-office tasks concerning consumer and real-estate credit with completely automated solutions.