WorldRemit’s original approach to know your customer (KYC) used an in-house solution, with integrations to multiple data providers for regulatory checks spanning different jurisdictions. Its rules engine was configured on a country-by-country basis and focussed on the transaction rather than on a complete customer onboarding journey.
The KYC solution had complex due diligence requirements as checks needed to be carried out on individuals sending money, and anti-money laundering checks, such as Sanctions, were required on those receiving funds – each likely to be subject to different regulation.
WorldRemit needed a RegTech solution that delivered an efficient, unified and global approach to automated KYC. It was important to:
- integrate its different data providers, so there was only one platform and partnership to manage
- have a full case management solution so its agents could work more efficiently
- maximise straight-through process (STP) for fast and frictionless customer experiences