GBG, a global specialist in identity data intelligence, today announced that it is providing its identity verification technology services to Australian-based multi-asset brokerage and prime services provider, Invast Global.
Enhanced Identity Intelligence
The new partnership delivers an improved level of identity intelligence to Invast’s on-boarding process, supporting its comprehensive anti-money laundering (AML) program while driving expansion into major growing international markets including China.
Invast provides access to a range of trades including foreign exchange, contracts for difference (CFD) products and thematic investments to a broad portfolio of clients, ranging from individual traders and investors to multi-national financial institutions.
The company has been using GBG ID3global since September 2015 to enhance its services for clients in 25 countries across the world. This includes GBG’s electronic identity verification service for Chinese customers, incorporating validation of Chinese passports and national identity cards.
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Doris Hsiao, Director and Head of Compliance at Invast Global, commented: “We needed a solution to improve our PEP and sanctions screening functions in line with our AML program, and one that would give us the coverage required to expand into new markets. We chose to work with GBG because of the coverage of their data, track record of working in the global Fintech industry, and the flexibility, ease of use and ROI associated with their technology solution.”
Invast’s GBG solution does away with the laborious task of identifying and screening high risk individuals by replacing manual processing with a state of the art batch matching tool that automatically checks new and existing customers against a broad portfolio of politically exposed persons and enhanced sanctions data from global partners.
The service has enhanced Invast’s existing on-boarding and customer management process with faster application turn around, fewer requests for additional customer information, and reduction in false negatives, thus enhancing overall business performance.
Glenn Porter, Managing Director, Global and Major Accounts at GBG, said: “We are proud to be working with Invast, who are a leader at a dynamic time in the brokerage industry. With GBG’s ability to verify the identity of over half the world’s population, our partnership with Invast is a great example of how we support our clients’ expansion into new territories.”