3. NorthRow

Company: NorthRow

Website: https://www.northrow.com/

Description: NorthRow is a Software-as-a-Service (SaaS) company that is revolutionising how regulated organisations manage risk by digitally transforming their client onboarding, monitoring and compliance processes.

 

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About NorthRow

NorthRow is a Software-as-a-Service (SaaS) company that is revolutionising how regulated organisations manage risk by digitally transforming their client onboarding, monitoring and compliance processes.

NorthRow was established in 2010 with the goal of making a difference to the devastating effects that fraud, and other forms of financial crime, can have on society.

Today, NorthRow delivers industry-leading software for regulated businesses including banks, lenders, payments providers and other financial service companies, legal practices, property firms, estate agents and many more.

In order to remain regulated (and, therefore, continue to operate legally), these businesses must continually track, monitor, and audit business processes to ensure they are aligned with applicable regulatory, industry, and consumer legislation. Non-compliance can lead to fines, reputational damage and prosecution for the most serious offences.

Compliance teams often rely on time-consuming, manual processes; spending hours interpreting even the smallest of regulatory updates – to the detriment of their customer’s experience.

NorthRow combines compliance and verification technologies into a single, simple interface, accessible anywhere, at any time.

2022 is shaping up to be a milestone year. They’ve launched the next generation of our compliance software to great reception from the global FinTech community and increased headcount with key hires in marketing, sales, engineering and customer success.

New platform, WorkStation, provides a smoother and faster approach to customer due diligence and allows regulated organisations to oversee and streamline compliance throughout the customer lifecycle.

Using WorkStation, compliance professionals can initiate associated groups of onboarding checks with just a company or individual’s name.

With their suite of AML software, and information from global registries, industry-leading data sources and verification services, organisations can vet and verify those they wish to do business with – entities which can span borders, tax systems and regulatory environments. Depending on the type of check required, our software will carry out checks on people, companies and/or ID documentation.

Of course, every business has its own definition of ‘high’ or ‘low’ risk in terms of due diligence. Clients can customise their risk profile within the system depending on what they perceive to be high/low risk.

Based on this profile, WorkStation will return an ‘auto-decision’ via a RAG system (Red, Amber, Green) to denote whether they can safely do business with a customer or not, or whether further investigation is required.

As time goes on, risk profiles can change dramatically from the beginning of a commercial relationship, increasing risk and the threat of financial crime.

WorkStation combats this by ensuring continuous real-time monitoring for changes to individuals or organisations (including global sanctions, negative media, new directorships and political exposure).

From verifying company vitals such as registration numbers and addresses to identifying connected entities and Ultimate Beneficial Owners, performing AML checks on key stakeholders or beneficiaries, and screening a company and its shareholders against global watchlists or sanctions records; NorthRow ultimately reduces the time to revenue while delivering a seamless customer experience, reducing risk and financial crime.

 

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