- Your vendor cannot tell you exactly how much your implementation will cost or how long it will take.
- Your vendor will not give you a ‘not-to-exceed’ hard quote for your implementation.
- You are billed for any custom-coding requests—even if it’s a request your vendor has provided to numerous other customers, all of whom have also been charged for that feature upgrade.
- Your AML software solution becomes obsolete as soon as a new regulation or data-collection requirement becomes law.
- Your software solution creates new problems that require endless consulting or maintenance.
- Your vendor requires a long and costly implementation plan and upcharges accordingly.
‘Comply on the Fly’ Whiteboard-style Architecture: Your Antidote to Getting Soaked for Your AML Solution
Any of those bullet points sound familiar? If you are mired in the AML-software equivalent of endless vendor up-charging, you’re not alone. A lot of AML software vendors base their revenue growth on billing their customers for endless custom coding and related consulting. And their strategy for staying in your pocket is bolstered by the dizzying pace of change in AML regulations and the variations among international jurisdictions.
But there is a better way—a choice that is simultaneously more effective and more efficient, and it relies on whiteboard-style system architecture.
Whiteboard-style system architecture—the foundation of SURETY Eco and its end-to-end modules for AML Compliance—provides an entirely different approach to AML software solutions. In SURETY Eco, whiteboard-style architecture means that each institutional customer may configure its end-to-end AML Compliance ecosystem in-house and at will. Seriously.
Survey after survey shows that the pace and complexity of change in AML regulations cause tremendous stress on institutions’ AML resources and on their ability to remain compliant as new requirements arise. But AML Partners’ creation of ‘Comply on the Fly’ technology and the extraordinary agility and configurability of the resulting whiteboard-style AML software solutions give users full control.
In concept and in reality, SURETY Eco’s end-to-end AML ecosystem provides a highly efficient and effective software solution that operationalizes your most finely grained and need-specific AML program. With SURETY’s whiteboard-style architecture, each customer’s notes and plans and workflows and collections become that customer’s unique AML software solution.
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AML Software Solutions for Peak Effectiveness and Efficiency
With AML Partners’ platform technology for RegTech, updating and upgrading your AML and eGRC software solutions is easier, faster, and much less expensive. Contact us today to explore how platform technology and our end-to-end AML Ecosystem powered by the RegTechONE platform–can transform the efficiency and effectiveness of your unique AML Compliance efforts. RegTechONE software for AML Compliance includes fully integrated modules for CDD KYC software for on-boarding, behavior and transaction monitoring software, and sanctions screening software for comprehensive AML screening. And AML Partners simplifies your end-to-end fully integrated AML Compliance efforts even further with an optional Subpoena Search module for FinCEN 314a and similar subpoena searches. Contact us today to learn about our proof-of-concept option or schedule a demo of RegTechONE, the AML software ecosystem. With extraordinary configurability and built for API extensibility, the RegTechONE AML software platformpowers not only an end-to-end AML software solution but also vendor management, AML client lifecycle management, eKYC Golden Records, Perpetual KYC, and so much more.
