Perpetual KYC
Automate periodic review and ongoing monitoring with perpetual KYC
Arachnys accelerates KYC refresh by providing the best global KYC and AML data. Enriched, automated data on customers enables straight-through processing and means fewer customer touchpoints, less risk and quicker revenue.
The Problem
The average onboarding time for corporate banking customers is a staggering 90-120 days (Oliver Wyman's Global KYC benchmarking study on Global Banking & Markets KYC).
Regulators are increasing pressure on financial institutions to enhance their KYC refresh efforts, which is often split across multiple teams causing disconnect and delays.
KYC teams are having to perform laborious, repetitive and highly manual processes, across siloed data, to keep up with a backlog of traditional KYC periodic review cycles.
The Arachnys Advantage
Risk and exception based approach
Significantly reduced KYC refresh effort
Continuous and automatic content acquisition
Improved efficiency
Enhanced data structuring
Improved client lifecycle
Features


White Paper: Achieving Perpetual KYC
How close is the financial world to achieving perpetual KYC?
Oliver Wyman shared with us their Global KYC benchmarking study on Global Banking & Markets KYC, which has found that the overall onboarding time for corporate banking customers is a staggering 90-120 days.
In this white paper, , we look at how banks can reduce onboarding times, KYC refresh costs and improve the customer experience by leveraging better technology and automation across the three pillars of data:
- Driving efficiency with self-reported customer data
- Using automation to capture & screen external data
- Reducing risk through monitoring transaction behaviour
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