Automate and streamline for higher profitability
By Frank Cummings, CEO
The extraordinary innovation in RegTech over the last decade has brought solutions—but also myriad frustrations. If you are regularly frustrated with your AML onboarding solutions, you might need an orchestrator with data and function connectors. Together, these subsystems deliver fully automated systemwide integration that boosts profitability.
Specifically, a KYC onboarding solution with an orchestrator and connectors helps your tech stack and data play nicely together, i.e. automated integration. Institutions wrestle daily with knowing who their customers are, the time and cost of KYC, and the ever-present hit on profitability. But leveraging data connectors with orchestration lowers the cost and increases the validity/efficiency of onboarding.
What is a RegTech orchestrator?
A RegTech orchestrator orchestrates the ‘comings and goings’ of the data and individual systems that make up an AML tech stack. An orchestrator resides within the client institution’s network, and it pushes or pulls data from the client’s internal system. An orchestrator directs the flow of authorized data among systems used by the client. This prioritizing of integration and automation among systems and data can transform standard profitability measures and improve KYC onboarding accuracy.
AML Partners’ RegTechONE platform includes orchestration as a core platform subsystem. RegTechONE sits at the center of an institution’s AML tech stack and directs the flow of data traffic so that systems internal and external get what they need automatically—without duplication of effort or clumsily rigged workarounds. With RegTechONE, thoughtful and strategic configuration at implementation maximizes automation and solution-wide integration of permissioned data.
For example, users may want to onboard a new customer from their CRM or from their core banking system. The orchestrator automatically uses data connectors to enhance the data being pulled from internal systems.
Entity-data tasks are a prime example. Subscription-based data tools can go out and pull down ownership data. And then the RegTechONE orchestrator can automatically place that data in the correct location in the user’s internal system—perhaps core banking or some other system within the user’s infrastructure.
Orchestration on RegTechONE can also leverage the platform’s dynamic case management system to consolidate all cases—screening, transaction monitoring, or anything else. And RegTechONE can pass any of these cases through secondary evaluation to remediate false positives. The key with orchestration, as these examples show, is to integrate and automate the range of tools and data available to deliver both accuracy and high productivity.
What are data and function connectors?
A RegTech platform’s data and function connectors face out toward the internet. These connectors go out from your internal system to perform a function or to pull down data. Users can integrate other systems across the cloud directly into their ownr internal systems. Powerful options include document authentication, identity verification, entity data, Perpetual KYC data, and so on.
With our RegTechONE platform, for example, users leverage the power of data and function connectors by dropping them into no-code workflows. This automates the use of data and function connectors at just the right point in workflows unique to the user. This integration and automation drives down costs and boosts productivity and profitability.
The powerful partnership of orchestrator and data/function connectors
Remember, an orchestrator faces inward to orchestrate the tech stack and data flows, and connectors face outward. Crucially, they work together to provide integrated, automated, and streamlined AML onboarding functionality.
With an orchestrator, users gain the ability to pull data internally from many systems. And then users can automatically enhance/update that data with connectors. The orchestrator then puts the enhanced data back into the internal systems. The result: integrated, automated, and streamlined KYC onboarding.
These two subsystems on RegTechONE—orchestration and connectors—increase quality of the data, increase the efficiency of the onboarding, and automatically keep all internal systems updated when configured to do so.
Orchestrator + connectors: Increased profitability and productivity
Integration, automation, and streamlining increase productivity and profitability in virtually any enterprise. In AML Compliance and KYC onboarding, these goals can seem like unicorns.
But with RegTech platform technology—like our own RegTechONE platform—the dynamic duo of orchestrator and data/function connectors are a matter of configuration at implementation. That level of integration and automation—while still leveraging the data and functions you need—boosts profitability without sacrificing onboarding accuracy.
