US-based data analytics firm FICO has partnered with KYC solutions provider Arachnys to expedite customer on-boarding at banks.
The partnership will see the integration of Arachnys’ Enterprise Risk Platform with FICO Siron KYC solutions to improve customer lifecycle management.
Arachnys’ cloud-native solutions offer around 23,000 curated data sources to ensure enhanced due diligence and simplify on-boarding.
The integration will allow FICO Siron KYC solution to leverage this data to manage the customer lifecycle and improve risk scoring. The combination will also enable FICO in assisting its clients with regulatory compliance.
Furthermore, the collaboration is expected to reduce costs, boost operational efficiency and lower false-positive rates.
Arachnys CEO David Buxton said: “The open architecture, risk knowledge management and comprehensive capabilities of the Arachnys platform provide effective solutions for a wide variety of customer risk evaluation use cases.
“Through this integration with FICO’s compliance solutions, financial institutions around the world will gain access to relevant, curated data including local and international adverse media and corporate ownership data, enabling further benefit from enhanced insights and increased confidence in the people they do business with.”
FICO vice-president of compliance solutions Sebastian Hetzler said: “Arachnys’ ability to provide best-in-class and highly efficient investigation capability is highly complementary to our Siron suite.
“We look forward to creating additional value for our customers in the fight against financial crime.”
Based in Silicon Valley, FICO leverages predictive analytics and data science to improve operational decisions of its clients. It offers financial institutions with solutions to detect money laundering, conduct customer due diligence and prevent terrorist financing.
In March, Evergreen Finance London selected FICO’s solutions to automate its lending decisions.