AI platform Owlin has launched a new all-in-one software solution that allows Payment Service Providers (PSPs) to onboard, offboard and monitor merchants on a single platform.
The company said in a statement that Owlin for KYC would help PSPs tackle priorities such as meeting recent regulatory requirements and dealing with the insecurities due to current economic developments.
Owlin for KYC enables PSPs to screen their merchants against multiple data sources, including Adverse Media, Sanctions, Politically Exposed Persons, and Customer Reviews.
It is expected to enhance KYC processes, particularly when PSPs manually screen merchants to check for risk within their merchant portfolio.
With Owlin for KYC, all data associated with the onboarding and monitoring phases is retained and available as an end-to-end audit trail.
Sarah Lane, Chief Commercial Officer at Owlin, said, “In the past couple of months, we’ve immersed ourselves in the existing onboarding and compliance workflows to design our PSP offering from the ground up to meet the requirements for the future.
“As such, we are incredibly excited to announce the launch of our end-to-end KYC solution for PSPs, which is in direct response to our customers’ desire to combine Owlin’s world-class adverse media monitoring with onboarding and auditability support. We can now offer our clients a single solution to meet their operational onboarding and monitoring needs, supported by a robust framework to satisfy their regulatory requirements.”
