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Automated KYC

This project is confidential
← Back to all projects Optimization & Automation of Business Processes

Definra Helped Improve the Know Your Customer Processes to an International Manufacturing Company Group

About

A global company group designing and manufacturing lab safety equipment with thousands of suppliers and customers globally, needed a way to perform Know Your Customer and Know Your Supplier procedures.

The goal

Automate the process of using a 3rd party service to do a compliance / legal check on both customers and suppliers, based on the organization name, and save the results.

What we did

Created an automated process that, upon request, retrieves the full list of customers and suppliers from the client’s ERP system, runs them all through the 3rd party service (LexisNexis), saves the results and compares them with the results of the previous instance.

Results
Reduced the time needed to process the entire batch from ~14 days to ~1,5 day
Human errors completely eliminated.
Enabled the client to do this more often (at least monthly, instead of quarterly), thus improving overall compliance.
ROI in 3-4 months.