DIASOFT’S CUSTOMER SCREENING TOOLS HELP BANKS TO MITIGATE THEIR REPUTATION RISKS

May 28, 2021

Diasoft has launched the updated Digital Q Customer Screening solution built on the microservice architecture. The solution ensures automatic online screening of all transactions, customers and counterparties of a financial institution, helping it to mitigate reputational risks associated with suspicious transactions and customers.

Digital Q Customer Screening allows downloading an unlimited number of custom and standard lists for customer screening. Each custom list represents a separate microservice which can be installed either independently or together with other lists, based on the customer’s requirements.

The solution supports automatic checking of transactions and allows suspension of suspicious ones. In case of automatic screening of the whole customer list, the solution allows blocking accounts of suspicious customers. Other functions include saving the history of matches against watch lists, logging user actions, and generation of reports on matches. The screening can be done both when adding and editing customers or transactions. If a bank downloads a new or updated list, the solution screens all existing customers against it. For example, when the list of terrorists is updated, the solution allows screening all bank customers to check if there are matches with new names added to the list.

The solution supports transliteration, used to convert characters from one writing system to another, and the stemming search algorithm, used to search for the stem of an original entry. It also provides the fuzzy search tool. With this advanced algorithm, the search results include not only records that exactly match the input name, but also records with a similar spelling. If the solution finds positive matches, it notifies dedicated bank employees by email or instant messages.

The solution ensures compliance with AML and CTF requirements, supports internal security and customer identification policies and provides tools for monitoring of deals and transactions to ensure stable business development.

The solution is part of Diasoft’s Digital Q Risk & Compliance Platform. Besides Customer Screening, this business platform includes CRS and Limit Management solutions.