KYC Manager is a ready-to-use digital customer onboarding and customer lifecycle management solution that enables Luxembourg-regulated financial institutions to accelerate their digital transformation and reshape the way they manage their clients across their entire lifecycle in full compliance with Luxembourg’s financial industry regulations.
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Thanks to Finologee’s expertise in building and running business-critical and regulated infrastructures that are live since 2006, the Software-as-a-Service (SaaS) framework that KYC Manager is part of has been designed to meet outsourcing requirements that apply to the Luxembourg financial industry1. KYC Manager is provided in a SaaS mode and hosted in Luxembourg in a Tier IV data centre by EBRC. Besides the KYC Manager product, Finologee also runs several critical infrastructure platforms in its ‘Trusted FinTech’ environment: the PSD2 for banks infrastructure for more than 35 banks, e-money and payment institutions; the Digicash platform for Payconiq and the Mpulse telecom payment and routing system, handling hundreds of millions of transactions a year.
Finologee operates under a ‘Support PFS” (Professional of the Financial Sector – “PSF de Support”, articles 29-1 and 29-4 of the Luxembourg 5 April 1993 law on the financial sector) Licence (N° 06/19) issued by the Luxembourg Minister of Finance and as such is subject to full financial industry compliance requirements. It is also ISO/IEC 27001 certified.
The modularity of the KYC Manager platform comes from a wide and readily available array of components and APIs that enable financial institutions to cherry-pick components and modules to create hyper-personalised end-to-end client and employee experiences.
The integration of these different components into the ready-to-use KYC Manager platform allows system users to design and build smooth, frictionless, and efficient digital KYC user journeys, such as digital onboarding flows, KYC remediation campaigns, client/account update campaigns, periodic KYC review campaigns, black list/sanction list checks, adverse media and business register/database checks and many others.
Our solutions for financial institutions cover every aspect of modern customer lifecycle management.
A sophisticated solution that allows financial institutions to initiate automated remediation workflow processes in order to perfect and enrich existing client / counterparty profiles to support a wide range of compliance obligations.
A solution that goes beyond initial onboarding and takes a lifetime view of the client, enabling financial institutions to perform data refreshes, ongoing due diligence and periodic KYC reviews.
A solution that enables financial institutions to engage customers of every type (natural and legal persons) when and how they prefer—conveniently and reliably. Onboard and offboard customers with intuitive and frictionless data and document collection, while enabling back office teams to digitally perform the verification and approval processes.
A solution that enables organisations to submit a list of KYC records to run against one or more Blacklists/Sanction lists. Ability to submit KYC records to recurring blacklist/sanction list checks or run checks manually. Choose KYC records from list, based on filters, choose which BL/SL lists to use and run the job. Display results: lists with hit(s)/no hit flag, and option to check details of hits. Display and option to eliminate false positives. Export via Import/Export function.
Clients can use a questionnaire for their customers to fill in to define their MiFID II investor profile. Financial institutions can run a campaign on selected/filtered users to notify them via Email/SMS to connect to update their profile. Ability to check details and validate profiles within the system (for compliance teams/back office teams). Export of data/files via the Import & Export function.
The modularity and flexibility of the platform enable us to adapt these solutions to your specific needs. KYC Manager is available in a white-label mode enabling you to completely integrate your organisation’s look & feel.
We cover a wide range of use cases to support various financial industry segments and we respond to any type of business needs. Some examples:
Private banking and wealth management clients have to cope with tighter regulatory demands with respect to sanctions, politically exposed persons (PEPs) and beneficial ownership transparency, resulting in more documents, further delays and ultimately complex customer experience. With KYC Manager’s digital onboarding and customer lifecycle solution compliance is guaranteed, time-to-revenue and costs are significantly reduced, while efficiency levels are improved allowing institutions to instead focus on more profit-driven tasks.
With KYC Manager insurance companies and their distribution networks can improve internal efficiencies, onboard applicants faster and keep costs under control, all while keeping the agents/brokers, the compliance department and the customers engaged and informed throughout the entire customer lifecycle. Insurance companies can rely on KYC Manager for trustworthy KYC information as well as for automated AML and other regulatory checks and reporting.
With KYC Manager, fund administrators can deliver a truly optimised, efficient and transparent investor journey – from initial investor onboarding to every aspect of the investor lifecycle management. Compliance with AML/CFT regulations and transparency throughout the entire process is guaranteed for all parties. As a fund administrator give your customers a modern digital experience and faster time to revenue while carrying out automated KYC background checks and streamlining your internal KYC procedures.
KYC Manager leverages on a network of leading digital system integrators and implementation partners.
Our modular platform provides the broadest range of capabilities. Our wide and readily available array of components and APIs enables you to cherry-pick journeys and modules to create hyper-personalised end-to-end client and employee experiences, and as a result, re-define your existing KYC processes.
The operational setup for KYC Manager has been designed with IT outsourcing rules and requirements in mind. It is hosted and operated in SaaS mode by Finologee. This framework lays the grounds for financial industry-regulated entities to define and build a compliant setup that meets IT outsourcing rules (such as the EBA Guidelines on Outsourcing Arrangements)1.
Improving the customer experience starts with understanding the entire customer lifecycle. KYC Manager allows you to design new optimal and frictionless user journeys by eliminating unnecessary touchpoints for a timely, holistic, and hyper-personalised customer flow.
By connecting systems, data and letting the three stakeholders of every KYC procedure (end-customer, front-office and compliance department) work and exchange on the same platform, KYC Manager allows you to become truly customer and employee-centric. By bringing digital elements into KYC processes, you gain agility and substantially reduce processing time and costs, while maximising your operational efficiency.
With KYC Manager you can enhance overall risk management and ensure future-proof regulatory compliance across your organisation with a single platform to manage all compliance checks and KYC regulations (ID Verification, PEP, blacklist/sanction list checks, adverse media and business register/database checks and many others).
1Disclaimer: choosing to outsource to a Luxembourg ‘Support PFS’ is one of the pillars to achieve regulatory compliance on outsourcing arrangements for Luxembourg-regulated banks and financial industry players. Nonetheless, outsourcing to Finologee does not confer any warranties by Finologee to such players with regards to their own IT outsourcing (or KYC/AML) regulation compliance, each player remains responsible for its own compliance requirements. Finologee holds a ‘Support PFS’ licence (Professional of the Financial Sector – “PSF de Support”, articles 29-1 and 29-4 of the Luxembourg 5 April 1993 law on the financial sector – Licence N° 06/19) issued by the Luxembourg Minister of Finance and as such is subject to full financial industry compliance requirements. This does not mean that Finologee’s individual products such as ‘KYC Manager’ have been audited, validated or approved by public authorities such as the Luxembourg regulator (the Commission de Surveillance du Secteur financier (CSSF)).
About KYC Manager
KYC Manager is a joint venture between Finologee, a Luxembourg-based FinTech provider, and Harmoney, a Belgian KYC specialist. Finologee and Harmoney joined forces with the common goal of bringing an innovative solution to the Luxembourg market: a digital onboarding and customer lifecycle management tool that allows financial institutions to transform the way they manage their clients.
KYC Manager aims to empower financial institutions to create hyper-personalised and end-to-end digital user journeys while delivering the finest customer and employee experiences. Additionally, KYC Manager’s compliant setup enables regulated entities to fully meet their financial industry obligations.
Harmoney brings in a ready-to-use and pre-integrated solution built on secure software to ease the entire customer lifecycle management. Whereas, Finologee locally hosts the product while securing full compliance with Luxembourg financial industry by being a “PSF du Support” (a licence granted by the Minister of Finance).
About Harmoney
Harmoney provides a next-generation, cross-border digital platform of solutions that automate and streamline complex onboarding and end-to-end compliance. By establishing and maintaining a high-quality, centralised financial passport for each of the individual and corporate customers, Harmoney remotely orchestrates every interaction between the relationship management team, the compliance team and the end customers. Harmoney is based in Ghent, Belgium.
About Finologee
Finologee is one of Luxembourg’s prime financial Platform-as-a-Service operators, facilitating the financial industry’s quest for optimisation and innovation with its compliant platforms and APIs for bank payments (PSD2 for Banks & Digicash), telecom routing/micropayments (Mpulse) and KYC/authentication. The company is serving more than 100 banks and institutions, handles hundreds of millions of transactions on their behalf and its founders have been continuously paving the way for FinTech ‘made in Luxembourg’ since 2006. Finologee is based in Leudelange, Luxembourg.
Finologee S.A.
7, rue Jean Fischbach
L-3372 Leudelange
Luxembourg
