Intellect Design Arena Limited’s iGTB division, the world’s first comprehensive global transaction banking solution, announced today that Euro Exim Bank, the trade finance specialist, is to implement DDIQ: the most advanced due diligence tool for compliance.
Delivered by iGTB, the solution’s combination of automation and intelligent interpretation will significantly enhance Euro Exim Bank’s due diligence and “Know Your Customer” (KYC) processes. Incorporating cognitive computing and natural-language processing, the enriched client profiling offered by DDIQ will enable the Bank to more readily meet regulatory obligations and minimise risk, all while reducing the time and cost incurred by such KYC processes. As a trade finance provider that serves import and export businesses around the globe, and registered by the UK’s Financial Conduct Authority, Euro Exim Bank’s operations will immediately benefit from the most comprehensive due diligence check available to date.
“The cross-border nature of our business – involving numerous buyers and sellers, international clients and counterparties – naturally makes due diligence critically important,” says Graham Bright, Head of Compliance and Operations, Euro Exim Bank. “To be able to run (and easily rerun) KYC checks at the deepest level currently possible – all the while reducing the time and cost of false positives and manual assessment – will enable us to focus our efforts on what we do best; facilitating trade and investment.”
iGTB’s implementation of DDIQ will see Euro Exim Bank benefit from:
- A contextual and subject-aware adverse media search, using underlying sources ranging from regulatory databases and watch-lists to sanctions lists, politically-exposed person (PEP) lists, legal databases, the open web and premium structured content
- The flagging of potential high-risk suspects before their appearance on official watchlists
- The production of auditable reports that can be re-run without the need to re-assess previously reported data, and
- The option to continuously monitor subjects and entities for risks
Furthermore, DDIQ now automatically checks subjects against the 200,000+ offshore entities and individuals associated with the 11 million associated the “Panama Papers” scandal
“At a time when the cost of breaking sanctions is estimated to cost financial institutions US$12 billion, it’s more important than ever that firms can have absolute faith in the strength of their due diligence processes, using a solution that conducts the deepest search possible while eliminating out-of-context ‘noise’”, says Manish Maakan, CEO, iGTB. “We are delighted to equip Euro Exim Bank with this capability in the first deal of its kind in Europe, and the ondemand software means the Institution can reap the benefits immediately.”
About Intellect Design Arena Ltd
Intellect Design Arena Ltd, a specialist in applying true Digital Technologies, is the world’s first full spectrum Banking and Insurance technology products company, across global consumer banking (iGCB), Central Banking, Global Transaction Banking (iGTB), Risk, Treasury and Markets (iRTM), and Insurance (Intellect SEEC). With over 25 years of deep domain expertise, Intellect is the brand, progressive financial institutions rely on for digital transformation initiatives.
Intellect pioneered Design Thinking for cutting edge products & solutions for Banking and Insurance, with design being the company’s key differentiator in enabling digital transformation. FT8012, the world’s first design centre for Financial Technology, reflects Intellect’s commitment to continuous and impactful innovation addressing the growing need for digital transformation. Intellect generates annual revenues of more than USD 124 million, serving more than 200 customers through offices in 40+ countries and a diverse workforce of more than 4,000 solution architects, domain and technology experts, in major global financial hubs around the world. For further information on the organization and its solutions, please visit www.intellectdesign.com. For information on the solutions for global transaction banking, please visit www.igtb.com.
About Euro Exim Bank Ltd
Euro Exim Bank Ltd consists of Euro Exim Bank Limited and Euro Exim Bank Ltd (representative bank). Headquartered in Banjul, The Gambia, Euro Exim Bank serves import and export businesses, through an online portal (www.euroeximbank.com). Euro Exim Bank is a new breed of financial institution, aiming to be where the growth is, connecting customers to opportunities and enabling business to thrive. For more information, please visit www.euroeximbank.com