Reduction in alert investigation time
"The performance monitoring of these controls is also helping us to understand our effectiveness in other areas. Where does additional monitoring need to occur, and where does more fraud mitigation need to occur? If, for example, certain customers are hitting against the round dollar rule, or velocity rule or volume rule, and those transactions haven’t been stopped, that could pose a problem in other areas of the business.
For ACH and debit card fraud, Unit21 is helping us see those patterns and detect when fraud does occur. We can take a look at those customers and those controls and ask, what are we missing? Why is Unit21 flagging this when it should have been interdicted somewhere else? That’s a pretty cool function.
In terms of false positives, with the way the rules are running, our rate is very low. We’re monitoring for things other than core AML rules. We don’t accept cash or monetary instruments. We are truly ACH-in and ACH-out with debit card spending and some cash ATM withdrawals. When an alert fires, it warrants a review by a human to determine if it’s unusual. It may not warrant a SAR, but it does need to be looked at."
Chief Compliance Officer at Envel
"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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