Identity decisioning is the process of determining if a consumer or business is authentic in financial onboarding or transaction monitoring. Alloy is a global identity decisioning platform that helps financial institutions and Fintech companies automate their decisions, approve more good customers, and prevent fraud. Middesk is a business identity platform that helps companies verify and underwrite their customers and automate business verification. Alloy and Middesk are required third-party vendors that we use to complete your financial institutions' Know Your Customer (KYC)/Know Your Business (KYB), Bank Secrecy Act (BSA), and anti-money laundering (AML) processes in our Account Opening product. Manuals specific to the Alloy and Middesk platforms will be provided to you upon implementation. This category describes the identity decisioning process.
Financial technology (fintech) refers to a broad and rapidly growing industry that leverages technology and innovation to create and improve financial services and solutions. Fintech companies develop digital tools, platforms, and applications to enhance various aspects of finance, including banking, payments, lending, investment, insurance, and personal finance management.
Know Your Customer (KYC) is a due diligence process that financial institutions, businesses, and organizations implement to verify and identify their clients or customers. KYC involves collecting and verifying information about an individual to assess potential risks and prevent fraud. For more information, go to About Identity Decisioning.
The Bank Secrecy Act (BSA) is a U.S. federal law that requires financial institutions to implement anti-money laundering (AML) and reporting programs. It mandates these institutions to maintain records, report suspicious transactions, and comply with regulatory requirements to prevent financial crimes, including money laundering and terrorist financing. BSA aims to enhance transparency, security, and monitoring of financial transactions to safeguard the integrity of the U.S. financial system.
Anti Money Laundering (AML) refers to a set of legal and regulatory measures designed to prevent and detect the illegal process of disguising the origins of illicit funds as legitimate income. AML efforts aim to combat financial crimes, including money laundering and terrorist financing, by establishing guidelines and procedures for identifying, monitoring, and reporting suspicious financial transactions to authorities.
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