“Within 6 months of implementing FRISS, 25% of Beequip’s applications are accepted without the intervention of an employee.”
On average, it took Beequip 35 minutes to assess each lease application. This was too long, and it was quickly recognized that this formed a bottleneck for further growth. The speed of client acceptance needed to be increased reliably.
FRISS assisted Beequip in assessing the risk involved in lease applications in a fast and structured manner, by automatically identifying the client profile. At the same time, a check of the ultimate beneficial owners and a screening of sanction and PEP lists ensures applications meet the requirements of the Money Laundering and Terrorist Financing Prevention Act.
• STP Acceptance in 25% of the cases
• More efficient and structured KYC process
• Compliancy guaranteed automatically
• Use of Web-IQ accelerates online investigation