AutoPass is the automotive industry’s only FCRA & GLBA-compliant fraud and early payment default risk solution that allows the automation of loan application decisions to increase loan capture rates by up to 40-50% while simultaneously reducing losses by 40-50%. It addresses the growing $8B auto loan fraud problem by revealing hidden risks in loan applications, empowering credit unions to reduce losses, and automating loan approvals. By leveraging data from more than 230 million auto loan applications, AutoPass can help credit unions reduce losses by up to 50% while also decreasing friction for their lowest-risk members by waiving unnecessary stipulations and manual reviews. Lenders can choose between the FCRA-compliant version of AutoPass, allowing it to be embedded in automated credit decisions, or the GLBA version to manage loan stipulations, depending on their specific needs.

As part of this exciting new offering, Sync1 Systems customers are eligible for a 30-day free AutoPass trial and a 20% discount on the first year’s licensing fees for those who sign up by December 31, 2024.

“Credit unions are constantly searching for effective ways to combat fraud without sacrificing member experience,” said Tim Grace, CEO of Point Predictive. “By integrating AutoPass into Sync1 Systems’ platform, we’re offering a comprehensive fraud solution that fits seamlessly into their decision systems and operations, helping credit unions both protect their assets and streamline their lending processes.”

Key Features of AutoPass + Sync1 Systems Integration

• Leverages insights from over 230 million auto loan applications to detect hidden fraud risks
• Reduces credit union fraud losses by up to 50%
• Decreases friction for low-risk members by enabling auto approvals while eliminating unnecessary stipulations and manual reviews
• Available with a 30-day free trial and a 20% discount for new users who sign up before the end of 2024

“The partnership reflects our ongoing mission to provide our credit union clients with the most advanced, reliable tools for fraud detection and risk management,” said Steve Maloney, CEO of Sync1 Systems. “Announcing this collaboration at Lendtopia underscores its significance to our credit unions, and we are excited to showcase the integration’s potential to transform the way they approach fraud prevention.”

Attendees at Lendtopia are invited to visit the Point Predictive booth to learn more about the AutoPass integration and to participate in live demonstrations.

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Hong, who will serve as a member of Cresset’s Management Committee, is an accomplished c-suite executive with 25 years of financial services experience, most recently as Managing Director, Asset & Wealth Management Operations, with JPMorgan Chase & Co, and before that First Republic Bank, where she was responsible for an operations team of approximately 150 employees for a wealth management business with more than $250 billion in assets under management (AUM). Hong has also served as Chief Compliance Officer with Personal Capital Advisors Corporation, and as Vice President, Compliance, with Voya Investment Management LLC.

“Amy brings a proven track record of leading teams through inclusive collaboration and is known for being a highly effective compliance leader who is passionate about operational excellence. We could not be more excited to welcome her to the Cresset team,” said Avy Stein, Co-Founder and Co-Chairman of Cresset.

“I am thrilled to join a firm that shares my values and is committed to always acting in the best interests of its clients,” Hong added.

Hong will be based out of Cresset’s San Francisco office and is a graduate of Rutgers University.

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intelliflo redblack offers comprehensive rebalancing and trading capabilities, including portfolio monitoring, pre-trade and post-trade compliance and order management, all within a single multi-custodial solution. More than 25% of the top 50 largest RIAs in the U.S. by AUM leverage intelliflo redblack, and there is over $700 billion in assets on the platform. intelliflo made over 70 enhancements, nearly 75% of which were directly inspired by customer feedback, over the past year alone.

“intelliflo redblack is the rebalancing and trading solution of choice because of our modern, sophisticated technology; deep industry expertise; and our willingness to listen to our customers and then act,” said Nick Eatock, CEO at intelliflo. “We are proud that intelliflo redblack has again been acknowledged by the esteemed WealthManagement.com Awards, and we look forward to continuing to provide advisors with the technology necessary to boost efficiencies and more effectively serve a greater number of clients.”

Earlier this summer, intelliflo redblack launched an institutional-level compliance rules engine, allowing advisors of all sizes to effortlessly define and implement compliance rules tailored to each client, automating compliance checks during rebalancing and trading. The enhancement reduces risk and saves significant time for advisors.

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FinScan has achieved several key technological milestones meeting the evolving needs of the financial services industry. The launch of FinScan Securities, one of the compliance industry’s first financial instrument screening solutions,  leverages FinScan’s proprietary, AI-powered matching engine to help firms tackle the growing problem of investors holding financial interests in sanctioned companies.

In addition, FinScan’s innovations are responding to the transformative shift from traditional Know Your Customer (KYC) processes to perpetual KYC (pKYC) focusing on streamlining customer due diligence and onboarding by delivering powerful customer risk scoring, real-time adverse media screening, beneficial owner identification, identity validation capabilities, and continuous customer monitoring after onboarding is complete.

Bob Colonna, CEO of Innovative Systems, Inc., said: “Partnering with our customers to make them successful is at the forefront of FinScan’s priorities. In 2023, we achieved a 92% client retention rate. We’ve also expanded our base of new customers in all major geographies over the last 18 months, including tier one insurance firms and fintechs. Our commitment to the delivery of reliable, efficient compliance solutions is further proven by the staggering 300 billion annual name screenings our SaaS customers conducted in over 60 countries in just milliseconds.”

A recent FinScan LinkedIn poll showed that 62% of 162 compliance professionals said data quality and accuracy was their compliance team’s biggest screening challenge. A separate poll revealed that 54% said incomplete customer data was the biggest cause of false positives. Another poll of 216 compliance professionals indicated the top challenge they face during KYC onboarding is customer due diligence (43%), followed by customer data quality (35%)—a core strength of FinScan.

Brian Markham, Senior Vice President of Engineering, added: “FinScan’s strategy for the next 12 months continues to focus on harnessing the power of data quality and integrity to drive efficiency, accuracy, and risk reduction for financial institutions and other organizations around the world. Innovative Systems will continue to invest in further development of FinScan to address the evolving needs of its customers and future-proof their AML and KYC processes to adapt to inevitable change.”

In recognition of its innovative solutions and industry leadership, FinScan has received numerous industry accolades. Most recently, FinScan was recognized as:

• “Best Sanction/Watchlist Screening Innovation” in Datos Insights’ 2024 AML Impact Awards
• Solution Leader in the Quadrant Knowledge Solutions’ SPARK Matrix 2024 report on KYC technology
• Category Leader for “Adverse Media Monitoring Solutions” and “Name and Transaction Screening Solutions” in Chartis’ RiskTech Watchlist Monitoring 2024
• “Functionality Standout” in Celent’s Financial Crime Compliance Technology: Watchlist Screening Edition—2024 XCelent Awards
• Top 25 Governance, Risk, and Compliance companies of 2024 by The Financial Technology Report
• 2024 FinCrimeTech50 company and 2024 RegTech100 company by Fintech Global

Looking forward, Steve Maul, Chief Revenue Officer, said: “We remain dedicated to supporting organizations in overcoming their financial crime detection and AML compliance challenges. Our continuous investment in cutting-edge technology and expert guidance ensures our customers can navigate the complexities of the regulatory environment effectively and sustainably.”

About FinScan®

Trusted by hundreds of organizations worldwide, Innovative Systems, Inc.’s FinScan® offers advanced Anti-Money Laundering (AML) compliance technology and consulting solutions. Built on decades of experience in data management and proprietary matching technologies, FinScan provides a data-first, risk-based approach to ensure unparalleled accuracy and efficiency in identifying and reducing risk, accelerating AML compliance workflows, and optimizing team productivity. FinScan’s comprehensive, integrated platform includes Know Your Customer (KYC), unparalleled sanctions screening, risk scoring, data quality, and advisory services for implementing a holistic compliance program. FinScan offers flexible deployment including SaaS, on-premise, and hybrid options. FinScan’s SaaS clients are screening more than 300 billion names a year. Learn more at www.finscan.com.

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Addressing the Challenges of KYC Compliance

The KYC process has become a substantial financial and operational burden for financial institutions. A recent study shows that banks and other financial institutions spend an average of $60 million annually on KYC compliance. These costs stem from labor-intensive manual processes, technology investments, and penalties for non-compliance. The lengthy timeframes required for onboarding new customers, which average 32 days, further exacerbate these challenges, leading to customer dissatisfaction and loss. In fact, 85% of businesses report negative experiences with KYC processes, and 12% of customers switch to competitors due to slow or cumbersome onboarding procedures.

FlexComply: A Solution for Streamlined Compliance

FlexComply is an end-to-end compliance platform that offers a 360-degree AML risk assessment of customers, from onboarding through ongoing monitoring and periodic reviews. This integrated solution ensures all regulatory requirements are met within a single system, helping financial institutions remain audit-ready and significantly reducing both costs and time associated with compliance.

Key Features of FlexComply:

• KYC/KYB – Comprehensive Identity Verification and Screening: Facilitates customer due diligence during onboarding and regular checks, based on risk profiles.
• AI-Driven Risk Scoring: Employs advanced algorithms to provide precise risk assessments for both individual and corporate clients.
• Transaction Monitoring: Continuously monitors transactions to identify and flag suspicious activities, enhancing fraud detection capabilities.
• Enhanced Due Diligence: Offers in-depth analysis for high-risk customers and transactions, minimizing potential exposure to financial crime.
• Ongoing Monitoring and Periodic Reviews: Ensures customer profiles are up-to-date and compliant with current regulations through regular monitoring and reviews.
• Alert Management: Centralized management of alerts allows for timely intervention on fraud detection and compliance breaches.
• Regulatory Reporting: Automates the creation of compliance reports, simplifying the documentation process for audits and inspections.
• Workflow Management: Streamlines workflow processes for compliance teams, promoting efficiency and collaboration in adherence to regulatory standards.

“FlexComply empowers financial institutions to significantly reduce the time and costs associated with KYC compliance,” said Rune Nilsson, Chairman of FlexM. “Our solution not only simplifies compliance but also helps institutions focus on enhancing customer satisfaction by minimizing the administrative burden and ensuring faster, more accurate onboarding.”

Understanding the KYC Burden

The challenges associated with KYC compliance are significant. Financial institutions globally spend billions annually on KYC and AML efforts, with a substantial portion dedicated to labor-intensive manual processes, fragmented data systems, and adapting to evolving regulations. According to a recent report, banks allocate up to 3-5% of their total operational budget to compliance activities, with KYC being a major driver of these costs. The complexity is compounded by varying regulatory requirements across different jurisdictions, requiring institutions to maintain accurate and current customer information across disparate systems.

FlexComply addresses these pain points by automating and streamlining KYC processes. By integrating data from multiple sources, reducing false positives, and ensuring compliance with the latest regulations, FlexComply enables institutions to cut down on KYC-related expenses, reduce onboarding times, and improve overall customer satisfaction and operational efficiency.

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To mitigate this problem, Spring Labs, the intelligent AI powerhouse solution for financial services, announced Zanko ComplianceAssist.This new module builds upon the conversational intelligence capabilities of Spring Labs’ Zanko CustomerAssist, an AI copilot for fintechs, to dramatically reduce the time compliance professionals spend analyzing customer complaints, in addition to identifying high-risk and often hidden issues, and to efficiently enable corrective actions.

“Complaints are often viewed as negative, but they are actually the gateway to understanding how your customers feel about their experience with you as a financial institution. With Zanko ComplianceAssist, we help unlock the power of complaints by using AI to provide more granular and actionable insights,” says John Sun, CEO and Co-Founder of Spring Labs. “The benefits are much more than just cost savings. We hope to help our partners reduce regulatory risk, achieve better effective control over their fintech partners, and ultimately help the consumer be better heard when they speak to a financial institution.”

“We’re excited to be the first to partner with Spring Labs on a commercial application of AI which can benefit consumers and fintech partners alike. A crucial aspect of our business is providing quality oversight of complex and large-scale lending activities. Zanko ComplianceAssist helps our team identify insights and issues more quickly than we could on our own,” says Derek Higginbotham, CEO, First Electronic Bank. “Beyond just compliance, First Electronic Bank is committed to being early movers in exploring new uses of technology to improve how we serve consumers.”

“Complaints management is a critical component to an effective Compliance Management System and an important control over our fintech partner programs,” says Nissen Liddiard, EVP Compliance Officer, Celtic Bank. “Spring Labs’ Zanko ComplianceAssist product provides us with a useful tool to analyze complaint trends which allows us to better oversee our products and partners.”

“Zanko ComplianceAssist helps us assess the root cause of complaints at least 80 percent more efficiently, enabling us to resolve potential issues much faster,” says Jim Jackson, SVP Strategic Partner Oversight, WebBank. “This gives us greater peace of mind as we expand our channels for communicating with customers.”

By using AI to catalog, categorize and organize customer complaints, compliance professionals can slash the time they spend analyzing complaints by up to 65 percent. ComplianceAssist delivers automated classification, tagging, Voice of Customer (VoC) profiling, and root cause analysis, and can screen 100 percent of customer conversations to escalate the highest-priority complaints like deceptive advertising and fair lending, which customers can escalate to regulators if they’re not addressed properly and expeditiously.

“Ultimately, these advanced complaint analysis capabilities can help financial services firms scale their compliance processes to be more accurate, actionable, and effective,” continues Sun. “Zanko ComplianceAssist can be a key element in a firm’s growth plan, empowering compliance professionals with the invaluable tool they need to elevate their strategic contributions and role as ‘superheroes’ within their organizations.”

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Intelligence can be securely shared across multiple entities, improving collaboration. This helps enhance AI models for boosting productivity and detecting cross-border financial crimes, while also enabling proactive measures to prevent illegal activities.

This methodology aligns with the latest global regulations, including the EU AI Act and onshoring requirements in countries like Singapore and Australia.

The design of the patented technology was born out of Lucinity’s research and development division, Lucinity Labs, which had been looking for a way to strengthen the financial services ecosystem while complying with data sharing laws.

This innovation was applied during a project with the Bank for International Settlements (BIS) Innovation Hub’s Nordic Centre that explored privacy-enhancing technologies and enhanced cooperation across institutions and borders.

“We believe in bringing connectivity to parts of the world where it wasn’t possible before. The biggest thing holding back adoption of advanced AI systems is the global concern over data security. Now, with our patented technology, algorithms from one market can share essential learnings with another market, and the data remains safe, private, and secure,” says Guðmundur Kristjánsson, CEO and Founder of Lucinity.

This federated learning patent, combined with Lucinity’s Generative AI technology, will unlock unprecedented intelligence in financial services, enabling more precise, efficient, and secure data analysis for combating financial crime.

As well as breaking down barriers in financial crime prevention, there is huge potential for federated learning to be applied in other sectors that handle sensitive data such as healthcare, DNA research, and pharmaceutical practices.

“The possibilities to apply this federated learning patent are endless. It will exponentially increase our capacity to utilize and learn from data like never before,” says Kristjánsson.

Lucinity has been at the forefront of AI technology since its inception. The company also received a patent in 2022 for another piece of AI, their Secure Lockbox, which features pioneering  homomorphic encryption of data. This patent enables Lucinity to encrypt all personally identifiable information (PII) while still using PII as an input into AI in its encrypted form.

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This collaboration unites Bridgeforce’s extensive industry experience with Provana’s operational excellence, offering clients enhanced risk management, strategic alignment and advanced technology integration. The result? Increased efficiency, compliance and measurable performance results.

“By teaming up with Provana, we are bringing together some of the brightest minds in the industry, leveraging best-in-class tools to ensure our clients’ businesses compliantly and efficiently perform better,” said John Sanders, co-founder and CEO of Bridgeforce. “Together, we will continue to underscore our commitment to excellence and innovation in the financial services sector.”

“We are laser-focused on operational excellence and delivering high-performing, ROI-driven results for our clients,” said Sandeep Bhargava, co-founder and CEO of Provana. “Our alliance with Bridgeforce merges top-tier technology and human expertise, delivering unmatched value for our clients.”

The first joint offering, the Contact Center Assessment, leverages Provana’s IPACS Speech Analytics, Bridgeforce’s proprietary collections call model and long-term Bridgeforce guidance on continuous improvement. This service:

• Automatically assesses 100% of collections calls for compliance
• Immediately identifies meaningful calls, providing managers with targeted coaching to agents
• Creates custom dashboards that assess individual agent and overall operational performance
• Provides ongoing support from Bridgeforce for continuous improvement
• Adapts to regulatory changes in collections to ensure customer-centric solutions
• Ensures clients’ customers are treated with empathy and provided solutions that fits their individual needs

Already adopted by one of the largest U.S. credit unions, the Contact Center Assessment is available now.

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Grath currently supports global leaders such as Deutsche Bank, Freetrade, Winterflood Securities, and StepChange. With the new DIFC office, Grath aims to extend its reach and expertise to support more world-class clients in the Middle Eastern region, further strengthening its role as a trusted partner in the financial ecosystem.

The new office at DIFC will serve as a central hub for Grath’s operations in the Middle East, offering enhanced support and localized services to our growing base of customers. By establishing a presence in Dubai, Grath is poised to tap into the vibrant financial ecosystem and leverage the DIFC’s robust infrastructure, strategic location, and regulatory framework to drive growth and foster collaboration.

Matt Povey, CEO of Grath, expressed his enthusiasm for the expansion:

“We are thrilled to establish our presence in Dubai at the DIFC, a global financial center that embodies innovation and progress. This expansion aligns perfectly with our vision of global growth and reinforces our commitment to providing top-tier financial services and regulatory compliance technology to our clients. We look forward to the exciting opportunities this move will bring for both our company and our clients in the Middle East.”

Grath remains dedicated to its mission of delivering cutting-edge financial services and compliance technology, and the new DIFC office is a testament to the company’s ongoing commitment to growth, innovation, and regulatory excellence.

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The five fintechs – PortfolioPilot, Guac, One Goal Finance, Credit Rent Boost and Column Tax – deliver account holder value through financial wellness, savings, budgeting, credit building, tax and investing tools. With ASA’s App Store as a Service solution, consumers can safely explore and try innovative technology from within their financial institution’s App Store (powered by ASA), without ever sharing a name, email address or password. ASA tokenizes and anonymizes all information; it is never shared with the fintech unless explicitly permissioned by the consumer. This approach minimizes fraud exposure and gives users complete control over the sharing of their financial data.

ASA is making it easier than ever before for fintechs to go to market and reach and engage with new customers. In this enhanced model, ASA manages the data connections, billing, payments, authentication (including KYC and SSO) and customer acquisition, allowing the fintech to focus on their core competencies instead of the onerous compliance and security considerations of trying to act like a bank.

Guac provides a savings and rewards app that is backed by leading investors such as Daymond John that has helped its users save and earn over $35 million. Ryan Armstrong, President of Guac, said, “We are helping thousands of users, including Gen Z and Millennials, improve their financial wellness by putting money back into their pockets every time they swipe their debit and credit cards. We believe ASA and its framework are going to change the financial landscape by connecting financial institutions and their account holders with fintechs in a safe, secure and compliant marketplace. We’re excited to be live in ASA’s App Store, extending access to our financial wellness and savings tool to thousands of additional users.”

PortfolioPilot is an AI-driven financial advisory platform with over $20 billion Assets on platform and more than 22,000 users (as of July 14, 2024). Alexander Harmsen, CEO and Co-Founder of PortfolioPilot, explained, “We have built a personal AI financial advisor allowing consumers to make smarter financial decisions with confidence and ease. By relying on the trusted team at ASA to manage aspects such as billing and account integration, we can focus on empowering self-directed investors. Plus, because ASA users already have their accounts connected, it’s easier and quicker for them to sign up to PortfolioPilot and get their first free financial assessment.”

“It has become increasingly obvious that the options for fintechs to effectively reach and help consumers are full of challenges; just look at what has happened with Banking as a Service over the past year,” said Landon Glenn, CEO and Founder of ASA. “The ASA model overcomes these roadblocks, providing a secure and compliant way for fintechs to engage with already authenticated and connected consumers. At the same time, consumers gain access to the latest technology to suit their unique needs, all through the bank or credit union they already know and trust. We believe this is the new way forward in financial services that delivers value for all.”

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