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Beem boosts analyst efficiency and customer satisfaction with automated workflows

Transaction Monitoring Payments Customer Stories

Founded in 2017, Beem is a free mobile payment app with over 1.5 million customers in Australia. It specializes in facilitating peer-to-peer transactions, storing loyalty cards, moving money between accounts, and enabling purchases. To date, Beem has processed over $1 billion in transactions. In November 2020, the company was acquired by eftpos Payments Australia, now part of Australian Payments Plus (AP+), the nation’s integrated domestic payments organization. 

An effective and dynamic partner

Given Australia’s stringent regulatory and audit requirements, Beem required a solution to help it stay compliant while screening high volumes of customers daily.

Previously, the company had struggled with several screening issues that were slowing down customer onboarding times, reducing customer satisfaction. Manual processes, for example, had led to a backlog of alerts, consuming too much analyst time.

To combat this, Beem needed a dynamic solution that offered effective customer screening services suitable for its business and jurisdiction. After searching the market, the firm met with ComplyAdvantage in 2019 and began a long-term partnership. 

“During the vendor qualification process, we were particularly impressed with the search levers, search profiles, and the easy application programming interface (API) integration that ComplyAdvantage offered.”
Jason Backhouse, General Manager Open Payments 

Reducing alert remediation times to increase efficiency 

ComplyAdvantage’s implementation specialists collaborated with Beem from the outset to understand its business model and unique challenges. Once they finished their deep dive, they presented the firm with a bespoke suite of solutions based on their findings.  

Before partnering with ComplyAdvantage, Beem was experiencing high match rates of eight percent. However, after adopting a risk-based approach using ComplyAdvantage’s customer screening and transaction monitoring solutions, Beem reduced its match hit rate to 1.2 percent by December 2023, contributing to a 10 percent increase in its AML program’s efficiency.

Automated workflows via ComplyAdvantage’s RESTful API were also introduced to improve the firm’s overall operational efficiency by freeing analysts’ time. This enabled them to resolve legitimate sanctions hits within one working day, resulting in faster onboarding and improved customer satisfaction.

Beem case study efficiency gains

Beem & ComplyAdvantage: Key benefits in numbers

  • Lowered the time taken to clear new customers to within one business day.
  • Lowered match hit rate to under 1.2 percent.
  • Minimized time to clear new cases.
  • Increased overall efficiency by 10 percent. 

Taking new risks

While both parties are pleased with the ongoing success of the partnership, new risks are always emerging. With this in mind, ComplyAdvantage’s customer success and Beem’s compliance teams continuously review their operational efficiency and hold enablement sessions to equip Beem with the latest product and feature releases – creating a positive and sustainable experience for its customers.

“Through our years of partnership, ComplyAdvantage has enabled Beem to perform at the top of our compliance game. Their commitment to excellence and our business allows us to focus on providing a better experience for our customers while maximizing security and trust in our platform and meeting the requirements of our regulators.”
Jason Backhouse, General Manager Open Payments

A collaborative approach, combined with ComplyAdvantage’s dedicated account management and support, has led to a thriving long-term partnership that has helped Beem save time, stay compliant, and continue to scale and grow as a business.

Improve your operational efficiency with ComplyAdvantage

At ComplyAdvantage, our autonomous systems refresh entity profiles within minutes of a change. ComplyAdvantage can help you uncover hidden threats to your business at digital speed by removing manual intervention and freeing up your compliance teams.

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Originally published 30 January 2024, updated 16 February 2024

Disclaimer: This is for general information only. The information presented does not constitute legal advice. ComplyAdvantage accepts no responsibility for any information contained herein and disclaims and excludes any liability in respect of the contents or for action taken based on this information.

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