Unified Insights: Enhancing KYC with Data Aggregation Solutions

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Unified Insights: Enhancing KYC with Data Aggregation Solutions

Problem Statment

The legal team of a financial services company requires on-demand regulatory information from specific sources to conduct KYC (Know Your Customer) checks. With over 400 regulatory sources to search from, the challenge lies in efficiently retrieving relevant information based on user-entered keywords and presenting them as search results.

Our solution

The customer’s platform seeks to alleviate the challenges of regulatory compliance by streamlining the KYC, CIP, CDD, EDD, and credit investigations process. Our solution, implemented through the comprehensive KYC federated search platform, offers a single API managing multiple bot setups and cloud-based capabilities for real-time concurrency control.

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Implementation through ‘XDataHub’:

Mobius developed iPaaS and exposed APIs through ‘XDataHub,’ a dedicated platform for infrastructure and BOT orchestration. This solution ensures secure connections for site search using HTTP (GET/POST) methods, guaranteeing 24/7 upkeep and monitoring. Leveraging queues in Active MQ, XDataHub efficiently processes concurrent job requests across virtual machines.

Search Platform Integration: A user-friendly interface integrated with the customer’s front end ensures effortless access to the federated search platform.
Automated Search Engine: Utilization of a powerful search engine driving over 400 bots hosted on the platform to crawl regulatory sources based on user-entered keywords.
API-Based Response Building: Aggregating search results from diverse sources is achieved through API-based response building, ensuring comprehensive and real-time data.
Rapid Response Time: Ensuring a stringent response time of 1 minute for API-based results to users, enhancing efficiency and user experience.
Continuous Monitoring and Support: Implementation of a dedicated support team available round the clock to monitor system performance, address any reported issues, and ensure availability throughout the business week.

Benefits

Efficiency and Accuracy: Our platform XDataHub ensured a remarkable data accuracy rate exceeding 99%, enhancing the efficiency of the KYC compliance process.
Enhanced User Experience: With a rapid response time of 1 minute, users can access relevant search results promptly, enhancing overall user satisfaction.
Wide Data Coverage: Access to over 400 regulatory sources ensures comprehensive coverage and access to up-to-date information critical for KYC compliance.
Regulatory Compliance: By providing access to timely regulatory information, the solution aids in maintaining regulatory compliance, and mitigating potential risks associated with KYC processes.

Conclusion:

The successful implementation of XDataHub demonstrates the transformative power of innovative data aggregation solutions. Through seamless integration, powerful automation, and dedicated support, our solution delivers efficiency, real-time data access, and continuous reliability. This underscores our commitment to simplifying complex regulatory challenges for enhanced user experiences and operational excellence.

For a detailed presentation of specific use cases, please write back to us at support@techmobius.com