London-based RegTech DueDil enhances its Know Your Business (KYB) platform with Continuous Updates product.
Regulatory compliance remains a fundamental challenge for banks, FinTechs and insurance companies, and with the regulatory landscape constantly evolving, it is becoming increasingly important for companies to stay on top of changes to their portfolios.
The uncertainty caused by the pandemic has impacted both SMEs and large enterprises. Many are suffering financially and undergoing major change as a result. For banks, FinTechs and insurance companies, having a real-time view of these changes is critical to continue to support these SMEs while remaining compliant on an ongoing basis.
Traditionally, banks and insurers would contact customers to ask them to provide accurate and updated information. This manual way of doing things is prone to human error, inaccuracies and missed changes as it is heavily reliant on clients providing the right information, at the right time. This legacy process is no longer fit-for-purpose.
DueDil’s new Continuous Updates product solves these challenges by providing the functionality for clients to get a complete view of all company changes on a daily basis. This means banks, FinTechs and insurance companies stay on top of changes to their book in real time, reduce their exposure to customer and regulatory risk as well as ensuring business development and client engagement opportunities are not missed.
Denis Dorval, COO at DueDil, commented:
“Established players are experiencing skyrocketing costs in keeping up with changes to their book of business. And challengers are caught up with elevating costs to maintain their books in check with their compliance and risk obligations after onboarding new clients. This release marks the formal launch of our Continuous Update capability. Clients will now be able to track changes to companies automatically and view in an instant potential risk in their portfolio. As a cloud-native KYB for Life platform, our customers can expect to see regular, continuous enrichment of this functionality as we progress.”
The DueDil Business Information Graph (B.I.G.) ingests billions of data points a day and surfaces more than 270 million connections between companies, directors and shareholders. The DueDil API provides a window into the B.I.G. at a single point in time, and the addition of Continuous Updates means clients can now learn about any changes to the B.I.G. within 24 hours.