RegTech software specialist muinmos has partnered with NorthRow, a complementary RegTech compliance software provider, to provide a powerful combined fully automated solution to support client onboarding in the financial services sector.

The integration between muinmos and NorthRow enables financial institutions to undertake all Know Your Client (KYC) and Anti Money Laundering (AML) checks via a single API. All checks can be completed within a few seconds and at a fraction of the cost of alternative methods.

muinmos PASS, which went live in early 2017, is a cloud-based software application which instantly classifies a client in accordance with MiFID II in the EU or its equivalents in the rest of the world (KYCC), and determines whether a financial institution can onboard a client to trade in a particular service (KYS), product (KYP) and country (KYCO) whilst performing complete Suitability and/or Appropriateness assessments.

The fully integrated solution between muinmos and NorthRow uses a traffic light rating system to assess clearance and risk, and also provides financial institutions with a detailed breakdown of the results on their clients.

According to Remonda Z. Kirketerp-Møller, CEO, muinmos, “This is our first major partnership deal and enhances our product offering by providing a complete solution to all financial institutions. NorthRow’s platform performs automated checks on ID Documents, people and companies. 

“We assessed a number of KYC and Identity Verification providers in order to find the perfect match for muinmos. We were impressed by the team at NorthRow, their product, energy and drive. In addition, they draw upon an unparalleled breadth of data from trusted commercial data suppliers and law enforcement agencies to deliver results via a single API. muinmos and NorthRow are now working together as a team so that clients have a single point of contact and a one-stop customer onboardingsolution for efficient and cost-effective onboarding requirements.”

Adrian Black, CEO, NorthRow adds, "NorthRow is delighted to be partnering with muinmos as Remonda and her team are acknowledged RegTech experts. Integrating the muinmos PASS application into our NorthRow platform allows us to offer jurisdictional cross-border clearance and Client Suitability & Appropriateness checks in our API, a natural fit alongside our existing IDV & KYC checks.”

muinmos PASS has been developed using sophisticated algorithmic rule-based Artificial Intelligence. It is a stand-alone system but can easily be integrated into existing on/offline on-boarding processes/systems, enabling financial institutions to have full access to the global market whilst remaining compliant 24/7.

NorthRow supports automated compliance solutions for onboarding and monitoring clients of financial services organisations. They help clients to optimise their business processes, reduce business risk and help ensure compliance.