The partnership will further strengthen Instnt’s one-of-a-kind collaborative effort to solve all sides of customer onboarding and verification.
Press Release – updated: Sep 9, 2020 08:00 EDT
NEW YORK, September 9, 2020 (Newswire.com) – Instnt, the first fully managed account onboarding and verification platform to warranty its services against fraud, today announced its partnership with ComplyAdvantage. The partnership provides fintechs and financial institutions with access to a fully managed onboarding platform with world-class fraud detection.
Utilizing Machine Learning and Natural Language Processing, ComplyAdvantage automates the detection of more complex financial crime. The partnership strengthens Instnt’s KYC and AML screening and monitoring with bank-grade compliance.
“The combination of legacy technology and flawed data has left organizations struggling to onboard new clients efficiently without increased risk exposure. At ComplyAdvantage, we are building the first global, connected database of people and companies powering world-leading financial crime detection tools. The partnership will enable fintechs and financial institutions to further streamline their customer onboarding processes,” said Charles Delingpole, Founder and CEO of ComplyAdvantage.
The Instnt platform provides a host of features to maximize the number of good customers being onboarded, verified, and integrated in hours. ComplyAdvantage’s leading source of AI-driven financial crime risk data and detection technology allows Instnt to deliver frictionless experiences that drive top-line revenue growth and reduce bottom-line costs for regulated businesses, practically eliminating the fraud losses associated with onboarding and verifying new customers.
“A variety of self-managed customer onboarding orchestration waterfall approaches are being implemented by businesses in a game of vendor roulette. They are still not better off dealing with the ever-changing landscape of fraud risk than they were a decade ago while losing valuable top-line revenue from good customers that are rejected as a result of the inefficient approaches in place. We believe that there is a far better alternative in employing a uniform managed service to shift the problem of preventing fraud and loss liability in customer onboarding in a compliant manner while creating a frictionless single sign-up experience for customers. Our partnership aims to create a more accurate and streamlined service that will benefit the industry as a whole,” said Sunil Madhu, founder and CEO of Instnt.
ComplyAdvantage is the financial industry’s leading source of AI-driven financial crime risk data and detection technology. ComplyAdvantage’s mission is to neutralize the risk of money laundering, terrorist financing, corruption, and other financial crime. More than 500 enterprises in 75 countries rely on ComplyAdvantage to understand the risk of who they’re doing business with through the world’s only global, real-time database of people and companies. The company actively identifies tens of thousands of risk events from millions of structured and unstructured data points every single day. ComplyAdvantage has four global hubs located in New York, London, Singapore, and Cluj-Napoca and is backed by Ontario Teachers’, Index Ventures, and Balderton Capital. Learn more at complyadvantage.com.
About Instnt Inc.
Instnt Inc. is headquartered in New York City and was launched in May 2019 by two serial entrepreneurs and industry veterans — Sunil Madhu (former founder and CEO of Socure) and Mimi Salcedo (former co-founder and head of product at WinWin), on a mission to bring inclusion and instant account opening experiences for businesses and their customers through proprietary technology, open standards and a collaborative effort in the industry. For more information, please visit www.instnt.org [for media inquiries please reach out to Eliana Daboul firstname.lastname@example.org].
Source: Instnt Inc.