Today, institutions are obliged to know their clients well, both at the point they establish business relationships and in the process of working with them. Gathering reliable and clear information in this aspect is not easy and sometimes associated with significant costs, and gaps in compliance with regulatory requirements that can lead to very severe financial sanctions.
With Open banking it is very easy to identify and verify a client as a client of a financial institution, gather reliable information about the structure of its cash flows, their sources, to form and upgrade the in-depth knowledge of the client.
PRODUCTS AND BENEFITS
Entering into a business relationship with a new client is often associated with taking additional risks and the difficulty of collecting good enough information for the client.
Through IRIS Solutions' interface connections to ASPSPs, corporations can enrich their customer enrollment process with confirmation from a financial institution where Know Your Customer (KYC) and AML procedures have already been implemented.
Thanks to the ability to collect and analyze the data from the client's banking transactions using the methods of Open Banking, institutions can significantly optimize their costs and reduce the risk of entering into relationships with high-risk customers and to protect against unwanted regulatory sledges.
The aggregation of clients' financial transactions provides extremely reliable and comprehensive information about the structure of their income and the nature of their financial behavior in terms of costs.
The possibility for a detailed analysis of the cost structure recreates an extremely accurate picture of financial behavior, including the risk profile of the client.
The use of data thanks to Open banking solutions is a great opportunity for in-depth analysis of customer behavior in its dynamics, the formation of an accurate customer profile, allowing better management of relationships from both business and risk point of view.
Reduce online fraud
Fully digital experience
No fees for unsuccessful and failed transactions