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Five reasons why Payment Service Providers choose Owlin for KYC

Payment Service Providers (PSPs) are regulated entities and must comply with rules set out by regulators that ensure they complete comprehensive due diligence to mitigate the risk of financial fraud. Also, PSPs underwrite merchants and, therefore, always look for ways to reduce the risk of their merchant portfolio. 

Owlin for KYC offers PSP’s the option to combine complying with rules set out by regulators while minimizing risk. Want to know more about how we do that? This blog shares five reasons Payment Service Providers choose Owlin for onboarding!

1. Combine different datasets (and reduce manual labor)

PSPs must understand the risk of the merchants they are onboarding but often struggle with fragmented and manual onboarding processes in which entities or individuals are manually identified and screened against different risk data sources. With Owlin, PSPs can access a single solution that helps KYC Specialists automize and combine their Client Identification Program and Customer Due Diligence processes. 

More specifically, Owlin helps Payment Service Providers check merchants against all relevant databases at once by setting up personalized queries on the entire Owlin database, including:

  • Adverse Media Data
  • Chamber of Commerce Data 
  • Sanctions Data
  • Political Exposed Persons (PEP) Data
  • State-Owned Enterprises (SOE) Data
  • Black- and Warning lists
  • Consumer Reviews
  • PDF documents
  • Alternative Data (e.g., Consumer Reviews)

2. Get access to excellent adverse media data (with guaranteed coverage of non-listed entities)

Are you onboarding a smaller company that does not make the news often? With Owlin, you’ll be sure to get access to non-listed and listed entities. Moreover, you will be ensured of getting relevant insights. Owlin utilizes NLP and AI technology to obtain real-time insights into trends and what’s happening with merchants across languages and geographies (we cover 16 languages and over 3 million sources).

3. Stay on top of any regulatory news or actions

Do you want to be the first to know about any other regulatory news that might impact your business? We help you stay updated!

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4. Seamless Transition from Onboarding to Continuous Monitoring

With Owlin for KYC, KYC Specialists no longer need to check against individual sanctions & PEP lists or Google for adverse media because, after the onboarding process, merchants are continuously being monitored for risk signals based on personalized queries created in the onboarding process. This helps analysts spend their valuable time focusing on risk signals that matter.

5. Offboarding in 1 click

Owlin for KYC simplifies merchant case management with intuitive features. In 1 click, you will be able to:

  • Close and archive a case from onboarding and monitoring with
  •  Archive all case information (including any internal identifiers linked to the case) 
  • Export your case’s content and respective comments into a CSV file, or integrate through API to any internal tools.

Owlin for KYC

Owlin for KYC offers Payment Service Providers one solution for onboarding, monitoring, and offboarding. For more information about our offering, visit our product page, ‘Owlin for KYC’ or schedule a meeting with one of our sales representatives for more information about our offering and prices.

Further reading

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