One of the primary goals of the project has been to improve the KYC processes, both from a quality and efficiency perspective. Better KYC data will, in turn, strengthen Garantum’s ability to combat money laundering.

To assess customer risk and meet regulatory requirements, financial services providers must carry out a range of checks, both during customer onboarding and continuously throughout the lifecycle of the customer relationship. These checks have previously required a large amount of manual work.

“Onboarding used to be time-consuming for us, and we used several providers, systems and integrations to manage it,” says Martin Skugge, IT Manager at Garantum.

“Working with Roaring meant that we were able to automate a large part of our collection of KYC data through a single provider, which has made it possible to improve our process and data quality while reducing the need for administrative work.”

From manual to automated

The integration of Roaring’s services has enabled a higher degree of automation in the KYC processes. Examples of this include the creation of an automated risk assessment during the onboarding of new customers, as well as the ability to receive immediate push notifications when customer data changes through a webhook solution.

“By using Roaring’s services, we have been able to reduce the time we spend on administration, and thereby the costs associated with it. In addition, process quality has improved because the human factor has in principle been removed from the equation. Having PEP, sanctions list and UBO data sent directly into the core systems in real time is just one example of how our processes have been streamlined.

“The implementation of the Signing Combinations API is another example that has had a major impact, as it was previously time-consuming to manually verify signatories.

“We can now verify signing combinations directly instead of relying on manual processes across different platforms and in different tools. A technically brilliant solution,” Martin continues.

All customer data in one place

Garantum’s solutions have laid the foundation for a complete shift in terms of KYC. Instead of requiring several independent steps in the process, with data stored and processed in different systems, most data is now collected and stored automatically in the same system where all transactions are carried out.

“It is a major advantage for us to have all the data we need to onboard, verify and monitor a customer in one and the same place. In addition, we are now ready to build and launch a fully digital onboarding process for the most common cases. By automating everything that can be automated, time is also freed up to carry out the checks that must remain manual, which improves the quality of those as well.

“It is about improving business processes in order to create value, something that Roaring’s services have enabled for us,” Martin concludes.