Kyckr's Data Cleanse solution aligns existing customer information to data from a verified, primary source corporate registry, highlighting deficiencies in the dataset and providing candidate information for remediation purposes. By using the Kyckr API, we automate the matching process and provide cleansed data along with a summary report. This approach reduces operational costs and frees up the time and resources it would otherwise take to perform manual remediation.
Rather than manually remediating each record, Data Cleanse shows the records which have inaccuracies and thus need attention. This reduces your team's workload and eliminates the need for unnecessary research and customer interaction.
The recommendations provided in a Data Cleanse report can help you to spot elements of your current onboarding process that need improvement. For example, you may be recording a mixture of registered and trading addresses, or recording company names without their correct legal form identifier.
Outsourcing the cleansing of existing records means your team can focus on value-added tasks instead of struggling to keep up with the unavoidable decline in data quality of existing customer information.
Existing AML legislations detail the importance of maintaining accurate customer records. Stale data can lead to fines, expensive remediation projects and more extensive regulator attention. Data Cleanse puts you on the path to continual compliance and coupled with Kyckr’s monitoring solution, it can help you to achieve true perpetual KYC.