LSEG Risk Intelligence is launching a new tool designed to transform compliance processes for financial institutions, particularly small businesses navigating the complex payment landscape. The World-Check Verify, powered by Amazon Web Services (AWS), promises to embed compliance directly into payment and onboarding workflows, ensuring that checks happen seamlessly without interrupting the customer experience.
David Wilson, Group Head of LSEG Risk Intelligence, emphasized the significance of this innovation: “World-Check Verify makes compliance invisible— with timely, trusted data ensuring screening happens in the background, at the precise moment it’s needed, so payments and onboarding remain instant and seamless.” This groundbreaking tool addresses the increasing regulatory demands arising from trends like instant payments and embedded finance, which have shifted compliance expectations dramatically.
Key benefits of World-Check Verify are numerous for small business owners looking to enhance their operations. The cloud-native screening API enables real-time checks against LSEG’s trusted World-Check data. Key features include:
- Embedded, low-latency screening: Integrates directly into payment and onboarding workflows, providing instant checks without latency.
- High availability: Suitable for digital platforms and emerging neobanks, ensuring that resources are accessible when needed most.
- Secure cloud infrastructure: Data sovereignty is maintained through AWS’s secure, scalable architecture, which is crucial for businesses operating across borders while adhering to local regulations.
- Resilience and performance: Designed to efficiently handle enterprise demands, the system provides robust solutions even in high-pressure situations.
- Flexibility in integration: Offers advanced configuration options to align with specific compliance needs, particularly beneficial for businesses with diverse operational and customer requirements.
The growing need for real-time data in compliance cannot be overstated. A recent survey highlighted that 98% of financial institutions believe timely data is critical to their compliance workflows. However, the same survey revealed significant challenges, with 77% of institutions struggling with manual review workloads and 75% reporting inflated false positives from outdated systems.
Alison Kay, VP and Managing Director of AWS UKI, shared insights on World-Check Verify’s potential impact: “The solution is created from the combination of AWS’s secure, scalable cloud infrastructure and LSEG’s World-Check intelligence. This cloud-native solution scales instantly to meet demand spikes, reduces infrastructure overhead, and leverages advanced analytics to transform the manual workload burden…into an automated, efficient workflow.”
For small business owners, this tool represents not only an answer to compliance challenges but also an opportunity for innovation and enhanced efficiency. By automating the screening process, World-Check Verify allows businesses to free up valuable resources which can be redirected toward growth initiatives.
However, while the benefits are clear, potential challenges remain. Small business owners must consider the integration of this new technology into existing systems. Understanding the onboarding process and ensuring that staff are adequately trained in utilizing the new system will be essential for maximizing its potential. Additionally, staying updated on evolving compliance regulations will require ongoing investment in training and system upgrades.
In a rapidly evolving digital economy, having the tools to remain compliant while maintaining a swift customer experience is crucial. Small business owners can leverage World-Check Verify not just as a necessity, but as a competitive advantage in the marketplace. With this tool, businesses can stay ahead of risk, streamline operations, and ensure compliance without sacrificing the speed that customers demand.
For further insights, visit the official announcement at LSEG’s Press Release.
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