We have joined forces with Synectics Solutions to deliver a groundbreaking anti-fraud solution for financial services that provides a comprehensive eKYC risk assessment at the touch of a button.
Project Endeavour is our partnership pilot which combines our best-in-class digital identity technology with anti-fraud and AML risk screening data services from Synectics Solutions. Synectics Solutions is a recognised leader in the provision of fraud and financial crime risk analysis, and has been working with global financial institutions and data analysis organisations for over 27 years.
Our shared tool is designed to enable customers to onboard instantly with a financial institution using their phone. Low risk customers, who make up roughly 90% of a customer portfolio of a Tier 1 UK bank, will be identified and granted instant access to products and services via a third-party marketplace.
Behind the scenes, the Endeavour control environment will complete a comprehensive risk assessment through Synectics Solutions’ financial crime risk management platform, supported by intelligence from Dow Jones Risk Solutions and the regulatory compliance division of Eversheds Sutherland – Konexo.
Further due diligence checks will be required for higher risk customers, but we believe this solution will speed up the onboarding process for the majority of customers.
The fully-automated Endeavour process will deliver a highly robust, instant identity verification process and risk assessment, saving financial institutions huge amounts of time and money.
We are very excited about this project as we believe it breaks new ground in helping financial services access a young, digitally-savvy market segment.
“Endeavour crystallises a new commercial partnership between Yoti and Synectics Solutions to create undoubtedly the most sophisticated anti-fraud solution in the UK,” said Gareth Narinesingh, Commercial Director of Financial Services at Yoti.
We are launching the first stage of our pilot project during which we hope to partner with a number of key financial institutions in the UK that are interested in enhancing their digital customer acquisition and eKYC onboarding capabilities.