We offer access to data from our database through API. This is a more efficient approach to acquiring information and data for business solutions and proprietary SW platform. Our API is designed for ease of integration with customer management software and is a great convenience for automating data and information acquisition for Business Risk Management, On-Boarding, KYC and Compliance operations.Information Services For Banks Via API
We can support data needs of bank’s corporate account opening SW applications and credit risk management systems. Designed for banks and clients who need official company information regularly, our API serves existing or new process and platform with data in XML/PDF format that is consistent, accurate, complete and up to date (with daily refresh from ACRA) to all users.
Here are some of the benefits of using our API.
Our customers can now have access to information on companies worldwide through the CRIF global network across Europe, America, Africa and Asia. CRIF’s products and solutions includes:
Improving corporate / investment banking new customer onboarding and KYC experience.
Verifying legal status of companies, its shareholdings and directorships, business relationships and authenticating information from customers is a tedious process. Customer’s information about himself or his business also needs supporting document from official sources as proof. Records and documents provided are sometimes incomplete, outdated and not from official sources.
In order to satisfy onboarding and compliance needs, banks often need to seek out various information sources to verify source of wealth on the customer. Requiring the customer to provide all required and latest supporting document can results in unpleasant user experience, lost of business and affects the bank’s market position.
With access to official information sources with API capabilities, the latest official documents required can be obtained directly via API by the bank’s Makers and Checkers and in XML/PDF format for direct use and to feed onboarding or risk management system. This automates some data capture processes and reduce human error in data entries, help to speed up approval process and delight customers.
Improving fraud prevention
Documents provided by customer may not be genuine, fresh or official. Banks are exposed to possible fraud and non-compliance if they only rely on such supporting documents. Manual data handling also increase opportunities for fraud.
Direct access and feed from official source via BizInsights’ API reduce reliance on data manually keyed in or acquired from hard copies documents from customers which may be outdated or even from questionable sources.
Live KYC - Monitoring changes for on-going credit/compliance risk
While periodic manual credit risk or KYC compliance review are usually practised at banks, significant changes affecting the customer’s standing can happen in between reviews or missed during review. Managing updates via periodic review method on a large volume of accounts is tedious and time-consuming. Customers are unlikely to volunteer such changes proactively. Failure in ongoing KYC compliance may means credit, AML and other risks that the bank did not detect in time and can lead to losses, penalties from regulators and affects bank’s reputation.
Monitoring of an account can be set for a cluster of risk-significant data element, like change in directors, shareholders, registered charges, capital, revenue, profit etc. BizInsights can provide data on these changes for all companies in Singapore with daily refresh from ACRA. This monitoring capability helps to automate the accounts review and alert the bank to significant changes.