LexisNexis Risk Solutions Delivers Next-Generation Orchestration Platform to Help Reduce Risk and Financial Crime
June 2023 by Marc Jacob
LexisNexis® Risk Solutions has launched an end-to-end customer lifecycle management platform to help businesses effortlessly integrate multiple information sources to make better risk decisions and provide smoother customer journeys.
LexisNexis® RiskNarrative™ leverages automation and decisioning technology to provide a sophisticated, configurable and accessible financial crime lifecycle management solution.
The growth of technology and digital platforms is changing how customers interact with businesses. Customers return to businesses expecting to be instantly recognized across multiple channels while new customers want to be able to onboard quickly and make transactions immediately. However, this digital transition in the global economy is also increasing opportunities for criminals to exploit digital ecosystems and evade detection.
LexisNexis RiskNarrative orchestration platform helps solve costly challenges caused by siloed operations by unifying multiple customer onboarding, compliance and risk-based workflows within a single Application Program Interface (API) and platform environment.
Orchestration platforms deliver a single, real-time view of customer risk for more effective and continuously responsive, end-to-end financial crime management. Organizations can expedite risk decisions through this more holistic view that incorporates Know Your Customer (KYC), Know Your Business (KYB), Anti-Money Laundering (AML) activity, identity documentation, behavioral biometrics and enhanced fraud detection.
What Makes LexisNexis RiskNarrative Unique:
• End-to-end customer lifecycle management: RiskNarrative enables organizations to manage critical fraud detection, financial crime prevention and compliance workflows from a single API. It provides teams with a unified view of customer risk to facilitate more informed business decisions, drive down compliance costs and outsmart fraud.
• No-Code Configuration: Fine-tuning strategy to keep pace with financial crime risk and regulations demands operational agility, yet reflecting changes requires technical resources, which incur delays and cost. RiskNarrative platform users can make changes to rules, models and integrated application providers without programming skills.
• Drag and Drop Services and Apps: Businesses can connect to a rich ecosystem of pre-integrated, third-party data sources, rulesets and machine learning models that can be incorporated into journeys and workflows through a simple drag and drop interface.
• Easy Integration: Effective anti-financial crime lifecycle management requires access to best-in-class insights and services. The RiskNarrative platform needs only one integration to use multiple services. An easy and intuitive restful API implemented by allowing rapid integration for availability within days.