It further enhances its anti-money laundering solution
Compliance software provider SmartSearch has added global information and insights company TransUnion to its list of identity-check partners, further boosting the reliability of its digital anti-money laundering solution.
The new partnership combines TransUnion’s billion-plus consumer records from over 30 countries to the SmartSearch Know Your Customer suite of identity, business, and sanctions checks.
Last year, SmartSearch’s digital compliance solution helped the company accelerate its recurring revenues by 22% to £17.2 million. It carried out five million searches worldwide for more than 52,000 users.
SmartSearch said the new partnership means that it now offers a “triple-bureau” electronic verification and digital compliance platform using global data partners Experian, Equifax, and now TransUnion, to give regulated firms what it claims to be the industry’s most reliable match and pass rate.
“Adding TransUnion’s data to our armoury means we can further safeguard our clients against the financial and reputational consequences of money laundering and sanctions breaches,” Guy Harrison (pictured), chief executive at SmartSearch, said. “We can also help them to drive efficiencies, save costs, and transform their own customer journeys.
“In an increasingly turbulent economy, SmartSearch has continued to deliver strong growth, securing its place at the leading edge of a digital revolution in the compliance process.”
Adam Hancox, director of partnerships at TransUnion in the UK, added that they were excited to have partnered with SmartSearch to be able to assist customers in making more accurate identity decisions, and to minimise fraud and money laundering risk.
“By proactively identifying risky transactions and fraudulent devices which may have been connected to account takeover and money laundering, businesses can reduce operational expenses and build trust with their customers,” Hancox said.
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, Twitter, and LinkedIn.
