InstantWatch Real Time Risk is a quick and accessible internet service (REST API) for AML/Fraud risk calculation in real time of clients and accounts. In this way a client can be stopped or delayed in the onboarding process.
The InstantWatch Real Time Risk service is used for generating a risk values customer and/or account- level in real time. The service can be used for risk assessing onboarding clients and accounts.
If a customer is perceived as a high-risk customer, enhanced due diligence may be necessary as well as an escalation of the onboarding decision. The risk value which triggers what measures are configured in the customers’ system.
The generated risk values are based on the advanced configured risk calculation model in InstantWatch AML. The risk calculation model is a collection of risk contributors that are configured in specific ways to generate a risk value for each customer and account. If the customer is a company client, the highest risk of associated parties such as beneficial owners can be shown/generated.
External systems can easily integrate with the InstantWatch Real Time Risk service using a REST API.
Before calling the Real Time Risk service, the externa system usually first makes a real time call to the InstantWatch KYC Screening to fetch beneficial owners and representatives of company clients and to screen the entities and persons against sanctions, PEP and adverse media lists, using the advanced matching engine in the InstantWatch KYC service.
The InstantWatch Real Time Risk service is integrated with InstantWatch AML, which is a prerequisite for using the Real Time Risk service. The risk module and the alerting engine in InstantWatch AML is used by the Real Time Risk service to calculate the risks.
The InstantWatch CDD module is integrated with the InstantWatch Real Time Risk service.
In-data to the Real Time Risk service can be Id and properties of a customer (company or individual) and related persons (companies or individuals), relationships and account(s).
The Real Time Risk service will answer with id’s with related risk scorings.
All network connectivity to InstantWatch is achieved over encrypted connections to ensure that no unauthorized person can gain access to any kind of information being sent. The service can only be accessed from predefined IP addresses. No personal data will be stored in the service unless logging is requested by the company using the service. Trapets is ISO/IEC 27001 certified.
InstantWatch Real Time Risk can be provided as an internet service hosted by Trapets. This is the quickest way to get started. Privacy and security is taken care of by the system and by Trapets. InstantWatch can, as an alternative, be delivered to and hosted by the customer. The delivery project is quick and efficient and the customer can be up and running within weeks. Please contact Trapets for more information and pricing!