Whether you’re a bank, insurance firm or fintech, you need to know who you’re doing business with and the risk you’re exposing yourself to.
Regulatory compliance checks ensure that a certain level of due diligence is carried out to understand who your customers are. And unfortunately for some, the process ends there.
While some organisations have a more healthy appetite for risk (internal and external), others may adopt a more considered approach. In today’s climate, managing that risk is critical and a full time commitment.
To fully assess the risks, you need to know all the relevant attributes of the organisation - who the owners are, the directors, the financials, and all other critical factors that impact your decision.
KYB checks are designed to provide the information you need, but they only provide a snapshot of the organisation at that precise moment in time. So, what happens if something changes the day after the check is complete? Or in six months? Or even further out?
Are you monitoring the risk effectively? Enter our Continuous Updates API endpoint.
What does Continuous Updates from DueDil provide?
Leveraging our existing B.I.G. platform - our proprietary technology ingesting billions of data points into meaningful insights - DueDil clients will now be able to monitor changes to a customers information throughout the lifecycle of the engagement.
This evolution of our existing product emphasises the need for and our capacity to deliver what we are calling ‘KYB for Life’.
Our latest release will ensure whoever our clients are doing business with, these customers are continuously monitored for changes which may impact their risk and compliance profile.
Whatever your appetite for risk, Continuous Updates from DueDil will enable you to evaluate your portfolio of customers to ensure you remain within your unique boundaries.
How does Continuous Updates from DueDil work?
Currently, when you evaluate potential customers for their applicability to work with or provide funding to, you conduct manual processes to secure relevant information from reputable sources and analyse it.
This process can take weeks, by which point the initial data collection is already out of date.
DueDil’s B.I.G. not only provides instant access to the latest information such as credit rating, but it will now provide our clients with the capacity to see where changes have happened automatically.
Continuous Updates is a new API endpoint which adds update functionality on top of our existing API. Clients simply call for updates from our endpoints and get a complete view of all the changes to their customers in the last 24 hours - or any previous 24 hour period of their choosing.
Why Continuous Updates is API-first
At DueDil, we take an API-first approach to everything we do. As part of our KYB for Life proposition, we recognise that in an overwhelming number of organisations the data we provide will be processed by an application way before being surfaced to human eyes.
This new development to our platform will enable our clients to feed real-time data into their existing risk or compliance engine which will automate decision making and subsequent routing of what to do next.
Building solutions to be API-first ensures that manual processes are stripped away, efficiencies are found, and customers reap the reward of more streamlined services. And, by only surfacing the elements that need your attention, your teams spend time on the things that matter most.
What does Continuous Updates from DueDil mean for you?
The release of our latest API module means you can keep on top of changes to your book of business in real time.
It is now possible to manage and reduce your exposure to customer and regulatory risk while ensuring business development and client engagement opportunities are not missed, without all the associated heavy lifting.
See our Continuous Updates product in action
Add Continuous Updates to your stack
Get in touch with a product expert today to find out how our Continuous Updates endpoint works within our broader platform and how you can start tracking changes to your book of business.