Bridging the Financial Gap: Empowering Communities
Part 2
Communities are, and always have been, created and supported by local entrepreneurs and family-owned businesses. This position comes with immense responsibility, as these local businesses are constantly struggling with multiple financial challenges related to their counterparties and employees and scheduling, product quality, payments, and other operational needs every day. While these businesses are built to endure the strain of everyday burdens, a valuable partner can make life easier and let them focus on what’s important. The right partner will provide these businesses with banking solutions that reduce compliance-induced strain.
Modernized compliance solutions are built on technologies that focus on securing the financial sector and keeping global regulators comfortable — especially as financial services globalize and community bank customers extend their reach, business operations and relationships well beyond the communities in which they are headquartered. These technologies are built on the foundation outlined in the Rulebook, a best-practices template FinClusive has led globally for organizations looking to maintain strong network compliance while participating in a borderless digital economy.
FinClusive was created to streamline clients' compliance and onboarding process so that all businesses can rest assured that they are interacting with legitimate actors every day. Further, FinClusive’s expansive work with technology companies, traditional and alternative financial services providers, and global regulators has driven the growth and adoption of the Rulebook.
One of our partners is MVB, a community bank that has continued to reach beyond traditional banking — striving to empower its communities and embrace industry disruption through their “blue ocean” opportunities. These opportunities focus on unique and scaleable banking programs for markets traditionally considered higher compliance risk. As this demand continues to grow, FinClusive’s CaaS platform helps ensure MVB can comprehensively vet and monitor their expanding client base and ensure comprehensive risk management with growing business banking value-added services.
Here’s a quick look into how we are helping MVB with their enhanced due diligence needs:
200+ Higher-Risk Business Entities Approved through Enhanced Due Diligence and Ongoing Monitoring
Higher-risk sectors engaged include gaming, fintech and nonbank services
Problem
MVB increasingly engages with higher-risk customer segments and industries such as gaming and virtual assets. These customers provide services to thousands of clients that must be monitored by the bank, previously requiring thousands of human hours for compliance coverage.
MVB must monitor client attributes and activities to ensure protection against potential illicit actors and demonstrate controls to regulators. This requires high volume automated enhanced due diligence, monitoring and alerts easily managed in a single system, and support for their growing fintech and partnership banking services that drive security, risk and comprehensive business value in tandem.
Solution
FinClusive has completed hundreds of Enhanced Due Diligence reports and provides automated ongoing monitoring and alerts on higher-risk client activities. This allows the bank to quickly onboard its customers, monitor and dynamically track their risk profiles, and ensure both compliance/risk teams and the business teams are in lockstep.
Compliance as a Service has cut onboarding and re-validation from weeks to days and enables MVB to more quickly and accurately provide these clients with innovative products and services to enable their banking program needs while cutting down on costly and lengthy human-centric compliance processes.
Products
- High Volume Enhanced Due Diligence
- Automated Alerts and Client Monitoring
- Dynamic Customer Risk Profiling
Learn about MVB and other customers that FinClusive has serviced here: https://www.finclusive.com/use-cases#MVB
