Euro Exim Bank, the trade finance specialist, is to implement iGTB’s DDIQ solution, the most advanced due diligence tool for compliance.
The solution’s combination of automation and intelligent interpretation will significantly enhance Euro Exim Bank’s due diligence and “Know Your Customer” (KYC) processes. Incorporating cognitive computing and natural-language processing, the enriched client profiling offered by DDIQ will enable Euro Exim Bank to more readily meet regulatory obligations and minimise risk, all while reducing the time and cost incurred by such KYC processes. As a trade finance provider that serves import and export businesses around the globe, and registered by the UK’s Financial Conduct Authority, Euro Exim Bank’s operations will immediately benefit from the most comprehensive due diligence check available to date.
“At a time when the cost of breaking sanctions is estimated to cost financial institutions US$12 billion, it’s more important than ever that firms can have absolute faith in the strength of their due diligence processes, using a solution that conducts the deepest search possible while eliminating out-of-context ‘noise’”, says Manish Maakan, CEO, iGTB. “We are delighted to equip Euro Exim Bank with this capability in the first deal of its kind in Europe, and the on-demand software means the Institution can reap the benefits immediately.”
To read the full press release on igtb.com, please go here.