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Mahmoud Mhiri, Executive PartnerAlthough organisations have adopted secure digital infrastructures to combat the money laundering threats, they still find it difficult to acclimatise with newborn financial services. Also, the highly complex risk and compliance standards pose a challenge for Fintechs, Regtechs, and banks to function smoothly.
This industry narrative is precisely what Vneuron intends to change.
At a time when increasing complexity, timely reporting of data and regulatory compliance are clouding the financial environment more than ever, Vneuron has stepped up to address the challenges in this space with the power of intelligence and technology. Vneuron combines the full spectrum of regulatory compliance throughout the lifecycle of customers’ compliance journey. It helps clients navigate through the complex labyrinth of digital payment services, customer experience, and AML systems seamlessly. On a mission to fight against money laundering and the financing of terrorism, Vneuron enables enterprises to put an end to the increasing financial crimes with its effective AML software suite that focuses on risk and compliance challenges. “Our vision is to ensure modern and comprehensive technology to transform the burden of AML duties into an efficient and streamlined process with no pain at all,” mentions Mahmoud Mhiri, Executive Partner at Vneuron. “We are able to cover all the regulatory needs of clients in a modern, user-friendly way.”
In doing so, Vneuron empowers financial organisations with Reis™ RCS–the one-stop shop for AML technologies and helps in effective transaction monitoring and profiling. Through its integrated capabilities, the solution brings an immediate response to financial institutions aiming to deploy a comprehensive, modern and customisable AML solution. Owing to its real-time monitoring and automated filtering solution, Vneuron is paving the way for an easy risk and compliance journey in the midst of the ever-evolving financial sector. Thanks to its technology, users can now update their customer base and review risks on customer profile nearly real-time regardless of seniority.
The Vneuron Compliance Solutions deliver all the functionality expected by financial service regulators and partner institutions in a simple, fast, hassle free and cost-effective fashion. In essence, Reis™ RCS has four components that include Reis™ KYC, Reis™ TFS, Reis™ AML, and Reis™ GTC. Reis™ KYC provides full coverage of the entire client onboarding process and CDD. Mhiri mentions building trust in a digital premise is a daunting task when compared to the traditional banking formats. “‘How to verify the authenticity of a customer virtually?’ is the question that confounds many,” remarks Mhiri. Reis™ RCS, through its enhanced and more developed digital ID functionality, is bursting the bubbles of scepticism and helping clients reinforce the foundation of digital transformation during client onboarding processes. In that regard, it supports full KYC and onboarding approvals and allows real-time payments and remittance transaction screening. With built-in integration to major Compliance content providers (Refinitiv and Dow Jones), the robust solution streamlines PEP/Sanctions Screening with support of low-resource languages (EMEA).
To that end, Reis™ TFS offers real-time screening of domestic and cross-border payments. With modern APIs integrated at its core, the solution prevents filtering of transaction and gives full control of sender, beneficiaries, and vehicles (countries, ports, ships, and others) to clients. Besides, the AI-powered and STR automated Reis™ AML scrutinises customer segments for accurate profiling and lower false positives. Rounding off the product suite is Reis™ GTC that helps in the identification of American customers as defined by the IRS and FATCA law.
Our vision is to ensure modern and comprehensive technology to transform the burden of AML duties into an efficient and streamlined process with no pain at all
In addition to these capabilities, Reis™ RCS is provided with an integration workbench that allows it to connect with a wide span of IS generations: Modern and API-based systems to legacy ones (AS400, HP3000, etc.). Thanks to its API-based platform, the solution can be integrated to different channels and frameworks on-premises or incorporated through its cloud-based platform to service the client’s convenience and need. In fact, the highly customisable solution addresses the AML configuration jurisdiction challenges posed by both local and international authorities and equips users with adjustable modules. It even eradicates the need for coding or hiring developers for additional support, thereby offering a user-friendly interface to compliance officers.
Paving the Way for a Brighter Future
Speaking further, Mhiri hints at the scepticism among customers regarding digitising operations and generating results faster. He comments, “The customer will never understand the back-office process that goes behind approving a transaction.” Hence, to resolve this, Vneuron developed an innovative transaction module that allows real-time assessment of every transaction made. Plus, it even flags suspicious activity and informs the user of the same instantaneously. To that end, its state-of-the-art digital ID product allows large financial institutions to identify customers through virtual facial recognition and strengthen the trust between the parties involved.
To elucidate an evocative picture of how Vneuron mitigates clients’ issues, Mhiri shares one case study wherein the company partnered with an African Bank. At the onset of the pandemic, the bank witnessed a rapid growth in mobile banking and card payments. Although their legacy technology was able to provide sufficient security to the traditional banking process, it could not keep up with transactions being conducted online. That was when they turned to Vneuron. With Vneuron’s technology, they were able to seamless extend their security capabilities to new channels. Even today, the bank depends on Vneuron’s robust technology to cover the full spectrum of KYC, name screening, and payments monitoring.
To elucidate an evocative picture of how Vneuron mitigates clients’ issues, Mhiri shares one case study wherein the company partnered with an African Bank. At the onset of the pandemic, the bank witnessed a rapid growth in mobile banking and card payments. Although their legacy technology was able to provide sufficient security to the traditional banking process, it could not keep up with transactions being conducted online. That was when they turned to Vneuron. With Vneuron’s technology, they were able to seamless extend their security capabilities to new channels. Even today, the bank depends on Vneuron’s robust technology to cover the full spectrum of KYC, name screening, and payments monitoring.
Such success stories have encouraged Vneuron to make further investments in technology to not only mitigate financial crime and protect financial institution reputation but also enhance the business performance of its clients. Banking on its ingrained expertise and out-of-the-box approaches, the company is marching ahead to become the global anti-money laundering technology provider. As its next step, with roots spread across Europe and Africa, it aims to strengthen its footprints in the Middle East, Latin America, and the Asia Pacific and also launch an innovation hub in Africa. Upon realising the importance of the cloud, Vneuron is striving hard to inculcate the benefits of the stellar technology into its APIs and encourage financial institutions to integrate the same in their interfaces/ modules. Besides, the France-based firm is working towards supporting cryptocurrency payments in the days to come.
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Company
Vneuron
Management
Mahmoud Mhiri, Executive Partner
Description
On a mission to fight against money laundering and the financing of terrorism, Vneuron enables enterprises to put an end to the increasing financial crimes with its effective AML software suite that focuses on risk and compliance challenges. In doing so, Vneuron empowers financial organisations with Reis™ RCS–the one-stop shop for AML technologies and helps in effective transaction monitoring and profiling. Through its integrated capabilities, the solution brings an immediate response to financial institutions aiming to deploy a comprehensive, modern and customisable AML solution. Owing to its real-time monitoring and automated filtering solution, Vneuron is paving the way for an easy risk and compliance journey in the midst of the ever-evolving financial sector. Thanks to its technology, users can now update their customer base and review risks on customer profile nearly real-time regardless of seniority
The Waters Rankings awards competition celebrated its twenty-first edition, featuring 35 distinguished awards spanning five categories: trading services, trading tools, data management, compliance risk management, and infrastructure/connectivity. Each award recognized the exceptional global achievements of the respective winners.
In the highly competitive Best AML Compliance Solution Provider category, Vneuron Risk & Compliance emerged as the victorious contender among 17 renowned global providers. This remarkable accomplishment is especially noteworthy given the historical dominance of legacy vendors in this particular domain. Vneuron's success reflects its unwavering commitment to deploying state-of-the-art technologies to effectively combat money laundering and terrorism financing on a global scale.
Vneuron has earned significant acclaim in the market by skillfully integrating comprehensive regulatory coverage with advanced technological solutions. This distinct approach empowers Vneuron to offer a range of cutting-edge features, including automated Know Your Customer (KYC) procedures, streamlined screening workflows, real-time transaction filtering, and AI-powered monitoring capabilities. Additionally, Vneuron provides comprehensive case management and dynamic investigation functionalities, further enhancing its suite of services.
“Best AML Compliance Solution Provider'' for 2023 by Waters Rankings Readers and its esteemed clientele. This prestigious recognition stems from the publisher's annual voting, solidifying Vneuron's industry standing. ”
Moreover, Vneuron is dedicated to overcoming the challenge of maintaining compliance without compromising the customer experience. To achieve this, the company has implemented user-friendly digital portals and self-onboarding tools that actively engage customers throughout the onboarding and review processes. This efficient approach ensures the prompt fulfillment of KYC obligations and contributes to a smooth and hassle-free experience for both clients and compliance personnel.
Furthermore, Vneuron's process automation engine, seamlessly integrated into the customer lifecycle platform and KYC component, expedites approvals and investigations, further solidifying the company's commitment to efficiency and compliance.
In conclusion, Vneuron's comprehensive suite of services, innovative technologies, and customer-centric approach have garnered significant recognition, making it a prominent leader in the fight against financial crimes and setting new standards for AML compliance solution providers across the globe.