As the year draws to a close, we at Youverify are thrilled to reflect on the transformative journey that has characterized 2023. This year was filled with so many strategic activities and steps taken to ensure we offer the best solutions to our customers and our results come end of the year validates all those efforts. Let's delve into the key milestones and achievements and what they mean for you as a valuable customer.
The Youverify OS: Pioneering Compliance Excellence
At the core of our endeavours is the Youverify Operating System (OS), a hub of innovation designed to revolutionize how organizations approach compliance. Harnessing advanced data analytics, artificial intelligence, and machine learning, we've not only kept pace with regulatory changes but have often anticipated them, ensuring our clients stay ahead in an ever-evolving regulatory landscape. Key milestones include:
1. Workflow Builder Relaunch: Redefining Compliance Automation
Our redesigned Workflow Builder has empowered our clients to shape and execute compliance workflows with unprecedented flexibility. The relaunch has simplified complex processes, allowing our customers to enjoy a more intuitive and streamlined experience when building their customer onboarding workflow.
2. Risk Intelligence Launch: Dynamic Risk Assessments for Empowered Decisions
Our Risk Intelligence module has been a game-changer, providing customers with the tools to conduct dynamic risk assessments. This has enabled our clients to stay ahead of emerging risks and make informed, proactive decisions on matters before they become a problem.
3. Data Coverage Expansion: Broadening Horizons for Informed Decisions
In our commitment to providing comprehensive solutions, we've expanded our data coverage. This expansion ensures that our clients have access to a broader spectrum of data, enhancing the depth and accuracy of their compliance processes.
The addition of 47 countries to our KYC eIDv capabilities has fortified our identity verification processes globally. This expansion reflects our dedication to providing a robust and inclusive solution for identity verification.
Our KYB solutions now cover 47 countries and 102 jurisdictions, empowering businesses with the tools needed for robust due diligence. This expansion ensures that organizations can make informed decisions about their partners, vendors, and clients globally.
4. Adverse Media Launch: Enhancing Risk Detection
We also launched our Adverse Media solution which boasts heightened risk detection capabilities for our customers. By comprehensively monitoring media sources and 10 million+ data points across the internet, this solution provides our clients with a holistic view of potential risks associated with individuals and entities.
5. Global PEP & Sanction List Expansion: Strengthening Client Screening
We've expanded our Global PEP (Politically Exposed Persons) and Sanction List coverage for global appeal. This ensures that organizations can thoroughly vet individuals and entities against global watchlists.
6. New Billing System and Streamlined Onboarding Launch: Enhancing User Experience
Our commitment to a seamless client experience is reflected in the launch of a new billing system and streamlined onboarding processes. This has simplified interactions for our clients and ensured they get more value at lesser costs.
Address Verification Solution: Optimizing My
In March 2023, we introduced a game-changing address verification platform known as the Agent Application. This comprehensive solution, comprising the Address Portal, Agent Training Portal, and Agent Mobile Application, has greatly optimized our physical address verification processes.
a. Training Portal: 5,000+ Successful Physical Address Verifications
Our Training Portal has facilitated over 5,000 successful physical address verifications, showcasing the efficiency and reliability of our newly launched platform. This has been instrumental in enhancing the accuracy of address verification processes.
b. Agent Training: Empowering Agents for Field Excellence
Since March 2023, 469 agents have successfully undergone training on the platform, with 132 currently active across states. This speaks to our commitment to empowering field agents for excellence in address verification.
c. Agent Mobile App Listing on Google Play Store
The launch of the Agent Mobile App on October 17th, 2023, has been met with enthusiasm. Approximately 100+ active agents are on the app, enhancing mobility and convenience in the field.
Our roadmap includes the development of a Custom Vendor Portal, allowing external partners to fully own the address verification value chain. This strategic move aims to enhance collaboration and efficiency in the verification process.
Transaction Monitoring Solution: Vigilance in Action
Our Transaction Monitoring Solution has been under development for much of 2023 and will be live in 2024. Expect a robust rule and risk-based alert system, that ensures efficient detection of suspicious activities. Key milestones achieved include:
i. Rule and Risk-Based Alert System Implementation
The implementation of a robust rule and risk-based alert system has been a critical milestone. This enhancement has significantly improved the efficiency of transaction monitoring, ensuring timely detection of suspicious activities for risk detection and aversion.
ii. Integration of United Nations' NFIU Framework
Our commitment to global standards is evident in the integration of the United Nations' NFIU (National Financial Intelligence Unit) framework. This aligns our software with international best practices, adopted by over 60 countries.
2024 Roadmap - What to Expect
1. Additional Reporting Frameworks: Expanding Global Compliance
To bolster our commitment to global compliance, we're looking to add Fintrac and FinCen reporting frameworks. This expansion ensures that our software aligns with regulatory requirements in Canada and the United States.
2. AI-Driven Alerts: Enhancing Accuracy and Speed
Our future roadmap includes the development and integration of artificial intelligence (AI) algorithms for transaction alerts. This will significantly enhance the accuracy and speed of alert generation.
3. Rich Insights into AML Score Changes
We're committed to providing our users with comprehensive insights into changes in Anti-Money Laundering (AML) scores. This feature will empower users to understand the factors influencing score fluctuations and take proactive measures.
4. Suggestion Mechanism for AML Score Improvement
Introducing a proactive suggestion mechanism is part of our vision for continuous improvement. This mechanism will provide actionable recommendations for improving AML scores, leveraging data analytics to identify improvement areas for our users.
As we bid farewell to 2023, we extend our heartfelt gratitude for being an integral part of our journey. Your trust and partnership have fueled our commitment to excellence. We are excited about the possibilities that lie ahead and look forward to continuing this remarkable journey with you in 2024.
Here's to a year of innovation, progress, and shared success!