How DriveWealth Uses Unit21 for Transaction Monitoring and Case Management
DriveWealth considered several providers that had both transaction monitoring and case management offerings. Now, two years in, they have built a high-performing compliance function using Unit21’s no-code transaction monitoring, rule validation, and automated case management.
They’ve been able to drastically reduce false-positive rates utilizing Unit21. Having the ability to run rules in shadow mode and validate them before setting them live is key in helping them deploy effective rules without depending on engineering resources.
“With Unit21, we are looking at things that actually present risk to our business instead of casting a wide net over everything and hoping to catch something.”
The Unit21 Impact on DriveWealth’s Business
Since starting with Unit21, DriveWealth has seen a 30% reduction in false positives, a 2x increase in the “alert to SAR” ratio, and 66% faster SAR filing.
“What’s versatile about Unit21 is that it can monitor any kind of data. We've had non-AML instances in which we’ve configured the tool to build rules to detect fraudulent activity on our platform - resulting in over 1,000 account closures in the past year – a 10x increase from the prior year.”
They’ve also increased the number of SARs filed by 300%, which is a testament to the team’s improved productivity. With Unit21, the DriveWealth team gained a big-picture view of their fraud and compliance landscape, giving them the perspective they need to plan for the future.
“Unit21 provides the tools we need to look forward and plan for the future state rather than looking at the immediate term.”
Unit21 As a Partner in Fraud and AML: Closing Thoughts
Matt reminisced about our partnership and how it has grown as both organizations have grown.
“DriveWealth has been using Unit21 now for almost two years and I feel like we grew up together in a sense. There’s always been a strong mutual engagement and what energizes me is that there’s a willingness to challenge the status quo. I regularly share my ideas for ways we can enhance the platform, and the Unit21 team is always very receptive.”
DriveWealth has trusted us since the beginning, and as their risk and compliance technology partner, we love supporting them to constantly achieve their business goals.
Ready to ditch the spreadsheet? Want to turn risk and compliance operations into your competitive advantage? Let's set up a time to discuss how Unit21 can help your business scale. Book a demo today.
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