Overview

Connectors are simple, data point connections to external Saas providers, that are used to enrich internal customer data to help in onboarding and risk decision scenarios. API Connectors gather data from a collection of REST APIs with the purpose of merging them into a cloud-based data storage system. This process gives the possibility of filtering and transforming data into a proper format or structure for the purposes of querying and analysis.

FintechOS offers the possibility of accessing different databases with the purpose of moving around specific data using API connectors. They can be used but are not limited to banking or insurance business scenarios, such as customer identity verification in a loan origination operation, automatically fill-in customer data, and so on. In addition, connectors can have a significant role in a business's risk management process by providing easy access to databases where information regarding financial risks is stored.

LexisNexis Bridger Insight XG is a platform that accesses identity verification, screening, due diligence and fraud prevention services in order to efficiently aid the Know Your Customer (KYC) processes and to make sure the institution is compliant with financial regulations.
The FintechOS Lexis Nexis Connector simplifies the customer verification process by allowing financial institutions to easily add it to their digital journey. Once integrated to the digital journey, the API connector calls a number of REST APIs in order to retrieve the following data:

  • Basic person search to retrieve information such as name, date of birth, address, gender, and so on.

  • Basic company search to retrieve information such as name, address, registration number, and so on.

  • Full search to retrieve any possible information either person or company data.

In addition to aiding and accelerating account openings, the LexisNexis Bridger Insight XG simplifies SWIFT, International ACH and FedWire Payment Screening. It helps fight financial crime by supporting the resolution of critical BSA/Anti-Money Laundering (AML) and Customer Identification Program (CIP) and KYC compliance requirements. As a result, it reduces risk exposure with enhanced due diligence data.

When accessed from a digital journey, the Lexis Nexis Connector allows bank clerks to collect and verify data from multiple systems. It can be further enhanced via FintechOS Studio adapting it to business requirements. The result is a fully functional and personalized searching tool that collects the needed information in a few steps.

Business Pain Points

The Lexis Nexis Connector is aimed at resolving some of the pain points when searching fraud databases for individual or business data:

  • searching in fraud databases is time consuming and the data retrieved lacks important details

  • it can be challenging to spot false positives

  • the needed information can be scattered throughout databases

  • requires verified and updated information

  • limited time to analyze the data found

  • the Know Your Customer (KYC) process can be complex when accessing fraud databases for identity verification or screening

Key features

Once integrated in a digital journey, the Lexis Nexis Connector solves these pain points by offering a simple way to collect data from multiple fraud databases.

  • The data returned from the search is detailed.

  • The complex search mechanism helps reduce false positives.

  • Single point of entry for a consistent search.

  • Easy to use. It can be added to a digital journey to simply the search process.

  • Time-efficient. The data no longer needs to be added manually.

  • The retrieved information is verified.

  • Speeds up the Know Your Customer (KYC) for better efficiency by accessing multiple fraud or potential fraud databases through one access point.