RegTech platform and APIs drive progress in AML/KYC solutions


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Improve AML/KYC–and every other eGRC need–with RegTech platform and APIs

Do you remember the story of Frankenstein’s monster? Dr. Frankenstein tried to create a usable ‘whole’ from dismembered corpses and patch-work tech. If you’ve used typical AML software lately, you no doubt understand the metaphor. For even though we are well into the 21st Century, many AML Compliance tools remain as stove-piped as Frankenstein’s monster.

A major advance, however, lies in the power of platform technology fueled by the API economy. The API economy is a game changer for AML/KYC and enterprise governance, risk, and compliance (eGRC) because of the extraordinary extensibility possible. Instead of stove-piped legacy systems, institutions can opt for API-ready platforms that facilitate customized systems updated as needed.

AML Partners developed its RegTech One™ platform for this precise purpose. RegTech One is a next-generation platform that leverages the API economy to facilitate users building their own custom RegTech solution to meet virtually any regulatory compliance requirement.

For example, the RegTech One platform powers an AML ecosystem that fully integrates CDD/KYC, Behavioral monitoring with subpoena searching, and sanctions screening—all with drag-and-drop configurability and querying. With this SURETY Eco™ AML ecosystem, users no longer need custom programming to achieve custom results or updates. Because of its foundation in Comply on the Fly™ technology, SURETY users drag-and-drop from their desktop when they want to query data or create a new trigger or KYC question.

The RegTech One platform is secure, flexible, and scalable, and it provides for users a single platform from which to run not only end-to-end AML/CTF but also multiple regulatory compliance programs at both large and small institutions. This ends the stove-piping of AML systems but of the other eGRC systems, as well.

For example, with API installations and configured workflows—either default or customized—a RegTech platform provides the single software platform for an institution’s end-to-end AML/CTF solution, its CECL workflow, its vendor management system, and whatever other RegTech or Business Process Management is needed. And with the platform infrastructure supporting both RESTful and binary APIs, users will have endless opportunities for third-party automation, customization, and extension.

All the core features of AML Partners’ flagship products InSuro and SURETY are supported in this new platform, including dynamic workflow, document collection, automatic risk calculation, and finely-tuned user/role-based permissions. Other core features of AML Partners’ products include advanced audit features, configurable dashboards and reporting options, complete archiving, high-performance configurable screening for negative news and sanctions, integrated email notices, data import and export, integration with third-party systems, and more.

To request a demonstration or to learn more about how platform technology and the API economy transform software solutions for AML/CTF and other eGRC needs, email AML Partners at <info@amlpartners.com>.