Creditro has created the compliance-platform Creditro Comply to kick the fraudsters to the curb – by the curbside, without overcomplicating it; KYC doesn’t have to give you a headache.
Over a hundred years ago, Al Capone opened a series of laundromats to clean his dirty money. Since 1930, we have created robots and drones and cured several world diseases. However, to this day, money laundering and other financial crimes still weaken confidence in the financial sector and related professions in those who deliver a reasonable and fair job every day. That is not fair; Creditro, therefore, set out to change the current market and make sure that banks, accountants, and lawyers get far better tools to spot suspicious behavior in their clients and to fully comply with the laws created to stop the criminals. We wanted to show that complying with the anti-money laundering acts didn’t need to be a headache, and you could get a thorough check by only using an estimated 5 minutes per client per year, decreasing the workload by 95 pct. And so, we did.
An all-inclusive with a pick-and-choose option
We created our Compliance Platform, CreditroComply, a sophisticated all-in-one platform diving deep into the KYC process and taking care of all the steps. The platform is in broad two systems in one:
The identity platform
The identity platform aims at our customer’s customers; This is where they need to enter information and upload the required documentation and identification. The identity platform is the platform designated for the collection of information. It sends out dynamic and editable questionnaires to customers to fit each company. It also requests relevant documentation and identification, sends out reminders, and is an Encrypted and ISO 27001:1 certified IT setup where end-users can share their information with advisors and get an overview of answers from the information collection. The ecosystem of the identity platform is adapted to fit everyone. It gives out the option to answer on behalf of others, sends automatic SMS and email reminders on expiration, and forward to and asks other people on the case to answer questions or attach documents if necessary. We wanted everything to be easy and convenient. The documents can be uploaded in word, image, or pdf-file or you can use the webcam on a computer or camera on a cell phone. We are also in the final stage of creating a separate mobile ID-APP for Android and iOS.
The Compliance app is part of the system that our clients use. Using artificial intelligence and algorithms, the platform crosschecks customer data with many registers and logs events around the clock. Against this background, we generate clear recommendations for the risk assessment of the customers – and in the event of notable incidents, the clients are notified immediately. The compliance app focuses on Security and Compliance as well as sophisticated Anti-fraud and credit algorithms and uses real-time monitoring to continuously check for changes in behavior. Our platform ensures that our customers comply with the law by checking bad Publicity, PEP, and Sanctions Globally and logging all the events and digital signing of agreements and documents. We have found that not many are aware that it is not only mandatory to log the events – but also the time of the events, so our KYC reports had to include this.
No need to overcomplicate
We wanted all of this to be easy. Too many gets, understandably, a bit thrown by the many IT systems because they are overly sophisticated in looks. Our platform is accessible through integration in your system (API) or a browser, and the interface is simple. No fuss. We decided to keep the complicated stuff in the back. While some things stay the same, new laws tend to change. We, therefore, established a broad network of industrial market leaders and industry associations. A knowledge-sharing process with several supervisory authorities ensures that we are always at the forefront of legislation and new initiatives and providing our customers always pass inspections without comments or comments injunctions.
A new Nordic partner – same goal
Today, our system has the most KYC checks in a year, showing the size of our customer portal. In February 2022, the Norwegian Tech Company Visma bought Creditro, changing our name to Visma Creditro and providing the even greater muscle to our system and an easier workflow for multiple companies using Visma Economic or Dinero. Many songs have been sung since our founders started their journey, and both name size has grown as well – but in many ways, we are still the same AML-warriors wanting to make a difference through tech and dialogue. We continuously reach out to customers to understand the needs of the working people using our product, we still cringe at the status quo, and we always strive to do better because we are entrepreneurs by heart and want to make a change.