Financial organizations often struggle to comply with Know Your Customer (KYC) compliance requirements. In today’s fragmented data landscape, accurately identifying non-compliant entities without advanced entity resolution and relationship detection can become an impossible challenge.
If you don’t get KYC right, it causes big problems downstream. Entity resolution is crucial for KYC processes because it helps ensure accurate identification and verification of individuals and organizations.
Real Time 360-Degree Views PowerBy accurately resolving customers to comprehensive 360-degree views, financial institutions can better mitigate risks associated with fraud, money laundering and terrorist financing. Accurate real time 360-degree views of all customers and their relationships are critical for maintaining regulatory compliance, whether onboarding a customer, refreshing KYC profiles, monitoring transactions or conducting investigations.
Improve effectiveness of KYC and enhanced due diligence
Reduce watch list false positives
Perpetual vetting enables continuous due diligenceSenzing entity resolution makes it easy to combine data across internal and external data sources in batch and in real time for perpetual KYC. The always current 360-degree customer views flow to your customer risk ranking (CRR) model. Additionally, third-party data, including beneficial ownership, can be used to provide more complete views.
Senzing includes powerful Exploratory Data Analysis (EDA) tools that support full auditing including match explainability. These capabilities ensure that compliance processes are not only efficient but also transparent and accountable.
Principle Based Entity Resolution with Sequence NeutralitySenzing entity-centric methodologies utilize principle based matching algorithms, resolving the records from all sources to confirm who is who and who’s related to whom. Senzing accurately resolves entities regardless of the order in which data records are ingested, and allows the Senzing AI to instantly corrects prior decisions based on new data (we call this sequence neutrality). For example, if a new customer record is received, an address change is made, or an updated watch list includes the customer, the order in which data is received and processed doesn’t matter.
Full Attribution & Match Key Scores Power Your CRRSenzing provides full attribution of entity composition across all the conjoined data source records. Each attribute from each data source is accounted for and fully viewable as part of the entity dossier. As Senzing resolves records and entities evolve, a match key score can be derived and continuously updated. A match key score indicates the likelihood or strength of a match between records in your data sets.
As you strive towards a more accurate CRR formula, you can count on Senzing to accurately resolve customer details and feed insights into your CRR model and risk review process, elevating your formula to new levels.
Transliteration with Built-In Global Name and Address ExpertiseSenzing excels at cross-script matching which involves transliteration, the process of comparing text from one script or alphabet to another, a key capability many competitors lack. Transliteration is necessary when dealing with names or other attributes that may be represented differently across languages, systems or scripts. In the context of KYC, cross-script matching is critical for accurately identifying people, organizations and vessels that match watch list data, even when the names are written in different scripts.
Show regulators and auditors how the records involved came together to support your risk-based decisions and audits.
Provide an in-depth view of who you’re doing business with and who they’re connected to.
With Entity Centric Learning®, Senzing uniquely sees through entity obfuscation.
Bring entity-resolved data into your existing tools and processes without adding complexity.NICE Actimize, recognized as a leader in anti-money laundering solutions by The Forrester Wave (Q3 2022), incorporates Senzing real time entity resolution into its suite of AML products. This integration allows financial service providers to identify customers accurately, uncover complex relationships and detect suspicious activities, significantly enhancing their anti-money laundering efforts.
To see the capabilities of Senzing entity resolution with your own eyes, you can use our Desktop Evaluation Tool and see results with your data (or our sample data) in 15 minutes or less. Or schedule a demo with one of our experts. Developers can download and evaluate the software for free with QuickStarts available for Linux or Docker.
If your team is thinking about adding entity resolution capabilities to your solution, or upgrading what you already have, don’t wait to find out what Senzing technology can deliver. Just choose one of our three get-started options and take Senzing for a quick test ride. You’ll have your answer in minutes. Go ahead and get started with Senzing today. We’re confident you won’t be disappointed.
You can license the Senzing API directly from Senzing and deploy and implement it yourself with the help of our expert, always free customer support. You can also work with our partners, who integrate Senzing entity resolution into specialized KYC solutions.
Gain value quickly with fast installation, setup and deployment, minimal data preparation, and rapid data onboarding with no tuning or training.
Get the most accurate results from entity centric matching, relationship awareness, principle based resolution and real time learning.
Save on initial deployment costs and ongoing operational costs. Rapidly add new data sources and never have to reload.
SENZING®, SMARTER ENTITY RESOLUTION® and SZ® are registered trademarks of Senzing, Inc. and may not be used without prior written permission. SENZING INSIDE™ is a trademark of Senzing, Inc. and may also not be used without prior written permission.
