Finiata is a fast-growing company offering an automated and flexible credit solution to small businesses in Europe. The company, which was founded in 2016, is funded by top European investors and is spread across three offices in Berlin, Warsaw, and Ukraine. Their vision is to provide every small business owner with simple tools to easily manage their company’s financial performance and act on the earliest of warning signs.
Product: Customer Screening
The lending industry has been going through significant changes in recent years. The adoption of AI, combined with the rise in disruptive, innovative fintechs, has increased expectations for fast onboarding and seamless customer experiences. Data protection and security have grown in importance and are now at the forefront of businesses’ and customers’ minds.
To ensure that regulatory requirements and customer expectations could be met, Finiata was looking to adopt a robust AML solution that would enable them to fully comply with regulations worldwide while also providing a seamless customer experience.
At the same time, it needed to ensure that customer data would be kept confidential to continue nurturing customers’ trust. The company decided to make ComplyAdvantage their sole AML provider due to their advanced screening capabilities, the ease of integration and the speed with which financial crime insights could be delivered.
ComplyAdvantage’s solutions provide global and broad coverage of various data sources, including sanctions lists, watchlists, PEPs and adverse media information. The customer screening solution is used daily by their compliance team to identify suspicious loan applications that need extra manual reviews.
The two-way RESTful API allows Finiata to sync their internal systems with ComplyAdvantage’s solution and receive real-time, automated risk data on entities filing a loan application. This automated screening of entities against thousands of lists reduces labor-intensive processes, improves alert quality and allows a quicker route to remediation.
The speed and ease of integration allowed Finiata to start managing their risks more quickly and efficiently. The company operates in a space where a high degree of automation is necessary, not only to provide a superior user experience but also to further drive profitability where margins per customer are tight.
Finiata’s compliance team saw their manual workload reduced, which enabled them to focus their time and effort on other aspects of the business that ensure business continuity. In addition, a low rate of false positives means that Finiata can confidently mitigate risk, quickly identify potential fraudsters, and continue providing a seamless experience to their clients.