Unit21’s No-Code Rules Engine was the Major Selling Point
"Unit21 brings an awesome no-code rules engine to the marketplace.
To create a rule/model on our prior system took a matter of days, from ticket submission through implementation. With Unit21, it takes approximately 1-2 hours to compose the rule syntax, run the validation, and implement.
With Unit21, we have a testing, tuning and deployment engine that a compliance person or a financial crimes person can quickly use with á-la-carte rule sets. We can also develop new rules and run them on historic data within minutes, in a fully auditable manner.
As a fintech, we are rich in data and nimble. We have user and transaction data that Unit21 defines at entities and events. We liked that Unit 21 didn’t have a preconceived or prescriptive view on what kinds of data points needed to be fed into it. These are the core datasets you need to monitor – basic customer and transaction information.
With this baseline, we were able to ingest other custom data fields coming out of our core processing system and other systems, and Unit21 was able to map them. We’re able to send alerts that don’t originate in the system because Unit21 is able to create alerts and map those data points to the entities.
The ability to feed other external data into the tool was big for us, and so was being able to monitor customer attributes and not just transactions. So for example, if a non-U.S. IP number is registered to a customer, we can generate an alert. It was so simple. The creation and deployment of that alert literally took minutes.
The flexibility and malleability of the platform is simply awesome, and the fact that it allows us to customize the tool to our business is one of the biggest value-adds that we could ask for. Every company is different, and the data they have is different, so we love the flexibility of the tool and the ability of our developers to do that mapping.
It’s a friendly onboarding process; not some foreign undertaking where we had to have an offshore deployment team that took months and was expensive. Our team was able to deploy it in-house in just a few weeks. Our banking partner has never questioned the coverage or the functionality of Unit21."
Saving Time, Money, and Resources with Unit21
"With Unit21 there has definitely been an increase in operational efficiency and a reduction in time to identify unusual transaction activity.
The fact that we don’t need a dedicated analytics or data team to manage our transaction monitoring is amazing. We can have core financial crimes people educate themselves on the Unit21 platform – its features, its functionality, how it works. And then, in real-time, our financial crimes people are able to develop rules, test rules, deploy rules, and validate them. That to me is people and money saved right there.
We’re able to use the tool as a monitoring dashboard for whatever we choose to feed into it. Not having to rely on manual processes, through the webhooks functionality in Unit21, we can very simply send a callback to our endpoint URL to take an action in real-time, and automate that so a human doesn’t have to sit in a queue, clicking, copying, pasting, or investigating.
Unit21 has enabled us to reduce our alert investigation time from approximately 30 minutes to as little as 10 minutes. This can be ascribed chiefly to the centralization of customer data on the Alert page.
When a bad event happens or when a high-risk event happens, activities can occur in real time, so that’s a massive amount of time saved and it’s also money saved in fraud losses. It also saves our team from a lot of frustration from just having to click around.
In terms of people resources as well, Unit21 eliminates the need for the expertise of a data scientist or an analytics person. A trained financial crimes analyst, senior analyst, or manager can perform all those activities without knowing SQL or Python or SAS. They can take core concepts of transaction monitoring and core concepts in financial crimes and develop conditional statements that set off an alert.
That’s something that a financial crimes person can get behind and understand. They don’t need to know code or be an expert in data science. And when we run the rule, it shows us alerts that we would have on our historic data, and a trained financial crimes person can click through them to see if they are valid alerts. Then they can go back and maybe tweak some of the thresholds and play with it again.
Fintechs don’t have the budget to hire people in major U.S. cities. They have a core team and so the Unit21 value is massive because you're able to run a program and still meet your organization’s staffing and budget goals, while also meeting the compliance requirements of your bank of record."
Recommending Unit21 to Other Fintechs
"We’ve had a great experience and we’re still very small. A small fintech shouldn’t be at all afraid to talk to Unit21. From pricing and service to functionality, Unit21 is amazing. The Unit21 team has exceeded expectations and that is their biggest asset. They are accessible and people are always willing to jump on a call to talk through problems.
Unit21 is very good from a business partner perspective and a great no-code rules solution in the marketplace. Looking at our risk and compliance staffing, I don't see us needing to hire different people or specialists to scale with the business over time. We have a business partner we can grow with, so we won’t have to go through rebidding in the market and shop around. That’s the biggest value prop — having a sustainable partner that is growing as well to ensure they can always meet our needs."
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