Large Business

Integrating Electronic ID Verification and KYB checks to a large legal services and practice management firm to strengthen their AML and KYC check portfolio

 

Background

 

A firm providing platform-based legal support services and customer lifecycle management checks to law firms across England and Wales was looking to integrate Electronic ID Verification (eIDV) and Know Your Business (KYB) checks to their existing platform. They approached us to help create a flexible system that could do this.

 

How we helped

 

We were brought in to help the client build a system that offered AML and KYC check functionality, both at amalgamated and granular levels, so checks and check elements could be integrated, using data elements already present within their platform.

Once we had established the client met with Veriphy’s technical requirement for familiarity with Web Services and concepts such as SOAP, XML, and hierarchical data structures (C#, VB, Java, PHP, Ruby and Python are also all supported), the initial POC stage could begin. In this stage, the client’s developers were able to explore the API, examine requests and responses from various operations, and interact directly via JSON with the API.

Working closely with our integration team, the client selected the checks that fitted their workflow and matched with their requirements. These comprised AML ID checks, PEP and sanctions screening, credit screens, international ID checks, DBS checks, and UK company checks.

The relevant service codes were incorporated within the integration, along with PDF generation
capability—the integration process took the client’s team less than 2 days.

 

Results

 

• Breadth of checks added gave the client a clear competitive advantage over rivals who were using external solutions
• Considerable initial saving and enablement of significant additional revenue streams from use of a single API and billing point, without platform fees— access to each supplier API would typically cost firms in the region of >£10k
• Advanced time-to-revenue and improved CX through offering platform users additional features that enhance their own brands