FICO, a leading analytics software firm and provider of financial crime compliance solutions, announced a partnership with Arachnys, a leader in risk investigation solutions for client onboarding, Know Your Customer (KYC), customer due diligence & enhanced due diligence (CDD/EDD), and anti-money laundering (AML).
This new partnership will enable financial organizations and their customers to benefit from a faster and smoother onboarding experience and enhanced record management. Arachnys and FICO combined help to significantly increase operational efficiency and reduce costs through intelligent automation while also enabling improved compliance process outcomes and lower false-positive rates.
Arachnys’ cloud-native solutions provide more than 23,000 curated data sources in over 90 languages to enable quick and simple onboarding, enhanced due diligence, AML alert investigation, and refresh of customers and counterparties. The FICO® Siron™ KYC solution leverages this accurate data to effectively manage the customer lifecycle, improve list matching and risk scoring, and enable firms to maintain regulatory compliance.
“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,” said David Buxton, Arachnys CEO. “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.”