“We got more than automation of KYC procedure. Covery not only canceled the need for manual checkups and the risks of human errors on our side, but also helped to increase customer retention and satisfaction rate and, thus, increased customer lifetime value.
With Covery we are progressing toward a new standard of a financial ecosystem for online entrepreneurs.”
Daumantas Barauskas, COO, Genome
Genome, envisioned by its founders as a “product that will elevate financial routine for individuals and businesses”, is an online finance ecosystem helping users and merchants registered within the EU with everything related to payments online.
Key services are IBAN settlement, merchant account opening, SEPA transfers, currency exchange and online acquiring, and cross-border payments in multiple currencies as of today.
Genome serves e-commerce, SaaS, software companies, and any businesses working with online payments since it is a licensed Electronic Money Institution.
SECURITY MATTERS
The FinTech industry grows up by the second. More and more applications and solutions are developed every day just to win the attention of customers by being fresh, trendy, glossy.
However, online payments can’t be lead just by fashion craze, one of the most crucial attributes here must be security.
Genome team hits the ground running to find a solution that will make their product secure, prevented from fraud, and not attended by any risk.
WE GOT IT
Genome is an innovative product in terms of features and customer approach. The attitude while selecting a third-party service provider that would help to ensure responsibility and payment security was also innovative. The target was to automate and make coherent the traditional manual banking processes applied to users and businesses.
Covery was ready to go with that idea despite the fact it was going to be the first of a kind integration with online banking.
SEAMLESS KYC & AML
The core features of Genome are available for users and businesses after passing the KYC procedure. It’s an essential part of the due diligence procedure that prevents the company from being engaged in money laundering and customer risks.
Covery automated the KYC procedure for Genome. It implies, Genome obtained automation of KYC procedure divided into KYC profile and KYC submit stages enabling users and companies to open personal and business accounts, IBANs, merchant accounts, make SEPA, and SWIFT transfers.
Mostly, the KYC procedure is done manually by compliance officers, and it results in a time-consuming and expensive process, which is a sore point for both business and customer.
Automatisation of the KYC procedure by Covery wiped out manual and dull work and led to lower user acquisition costs.
NO TOUGH INTEGRATIONS
KYC procedure ensures that the user is not listed in PEPs, sanctions, and other watchlists. For conducting PEPs non-presence checks, the business usually contracts with third-party watchlists providers, the integration with which seems to be too tough.
With Covery, Genome avoided that trouble. Integration with a global leader in data intelligence for anti-money laundering enabled Covery to provide Genome with PEPs and sanctions lists checks without additional integrations.
ONGOING MONITORING
Considering constant changes in global watchlists, Covery checks Genome users automatically on every executed user step in less than 300 ms. The ongoing monitoring is also combined with Genome user check through the global reputation data network Trustchain. Trustchain contains more than 300 million reputation records gathered with device fingerprinting technology.
“Data fetched during Covery’s KYC procedure helps Genome to analyze user actions deeper, and to create an overall evaluation of user through the whole customer journey that can be used both for more precise fraud prevention as well as revenue increase”, says Daumantas Barauskas, COO, Genome.
DYNAMIC SYSTEM
Covery gave Genome total flexibility in terms of limits. With the rule-based approach, risk analysts set up more than 150 static and dynamic limits for users, which evaluate user activity in different cases using the flexible reaction system on the Genome’s side. Users see actual accounts and transfer limits that make the system transparent and understandable. The set up of this logic by Covery took less than two days.
Moreover, Genome is secured by more than 400 rules preventing fraud. The set up of the new rule takes 5-10 min.
GENOME DRIVES INNOVATION AND UPSWING WITH COVERY
Automated KYC&AML removed the risks of human errors for Genome, ensuring high data accuracy. In terms of customization, Genome also got more than 15 automated business flows and fully customizable risk management, led by rule-based and machine learning engines.
The implementation of the Covery platform into Genome resulted in a 90% efficiency in KYC procedure automation, 98% efficiency in the automation of transfers, higher customer retention, and increased conversion rates.