As detailed in the announcement, Owlin for KYC aims to provide PSPs with a single solution for the onboarding, monitoring, and offboarding of merchants. With the launch of this product, the company is looking to assist PSPs with some of their most pressing priorities related to meeting regulatory requirements and dealing with the uncertainties that are a result of current economic developments.
Based on information provided in the press release, the Owlin for KYC solution enables PSPs to screen their merchants against a multitude of data sources of the likes of adverse media, sanctions, politically exposed persons (PEPs), and customer reviews.
With this offering, the company aims to significantly improve KYC processes, particularly for PSPs who carry out manual screenings of merchants against different data sources in order to check for risk within their merchant portfolio.
Owlin for KYC helps support a ‘seamless’ transition from the onboarding phase to continuous monitoring, with all the data that is associated with both the onboarding and monitoring steps being retained and available as an end-to-end audit trail.
When commenting on the announcement, officials advised that following conversations with their existing PSP clients and prospect base, the company gained knowledge on the challenges they face with meeting regulatory requirements. In the past couple of months, the company had a focus on the existing onboarding and compliance workflows, looking to design a PSP offering that would meet the requirements for the future.
An AI-driven platform for third-party risk management and market intelligence, Owlin aims to help clients structure news and integrate risk and market insights that might affect their business into daily workflows. The company offers critical insights in a proactive, continuous, and real-time manner, and looks to ensure that clients are not confused by the wealth of information by visualising complex data in a simple and customisable interface.
Owlin leverages AI (Natural Language Processing) to provide valuable insights that are hidden in the data, aiming to enable businesses to work in an expedited manner, be better informed, reduce risks, and keep up with opportunities and trends.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.