Scanning the Specifications of RapidAML’s Screening Solution

RapidAML is all about adding value to AML compliance for Regulated Entities – This is our motto: straight and loud.

After finalising the core product blueprint and modules, it’s time to bring our first module to shape: Sanctions Screening.

For that, the first thing is to specify what features our screening software “must have” and “should have”

RapidAML is on the quest to make a difference and not be another screening app.

To do that, we needed to identify the pain points that users face and map our features accordingly.

We research the existing screening app users and ask them what more they expect:

“Screening customers is done without much problem. However, only if managing their documents could be easier.”

“It takes a lot of time to check all the matches, and most of the time, it’s a false match. Having a way out of this will be a total saviour.”

“We use different apps for KYC and Screening. But, if one solution had both, we could have saved a lot of time in data management.”

There were several other inputs from various users, which can make the lives of Regulated Entities better in terms of screening.

RapidAML, along with its knowledge partner NIYEAHMA, started their brainstorming session based on these inputs and our own experience in the industry.

Overall, it’s the game of improving:

Pathik Shah

Founder, NIYEAHMA

We want to create software that helps Regulated Entities meet their screening compliance needs. There are tons of features we can add to make it super comprehensive, but we also want to keep it easy and user-friendly!

Armed with this info and Pathik Shah’s direction, we started mapping the current shortcoming and their respective solutions.

Solving the Threads of Concerns
to Weave a Tapestry of Solutions

Current Shortcomings

No option to save files on the cloud along with the screening data.

Data quality and global coverage issues with respect to sanctions, PEPs, and adverse media watchlists.

Too much time and effort in eliminating the false matches.

One-by-one screening requiring several hours.

Not so easy-to-use interface, leading to errors and inefficiency.

Can only do screening at the time of onboarding and not on an ongoing basis.

Unable to track the status of each and every screening.

How can we solve them?

Giving access to file upload functionality, where users can save documents on the cloud while doing the screening.

Provide high-quality global watchlist data to ensure risks are assessed correctly.

Exact and fuzzy matches. Ability to edit the match score threshold as per the risk appetite and create a balance between matches and relevancy.

Batch screening option to screen multiple profiles in one go.

Rather than filling up everything on one page, we develop a step-by-step process allowing users to focus on one thing at a time.

Ongoing screening with a complete log and email alerts for hits.

Develop a workflow based on different stages of screening and showcase the status in real time.

Solving the Threads of Concerns to Weave a Tapestry of Solutions

Current Shortcomings

No option to save files on the cloud along with the screening data.

Data quality and global coverage issues with respect to sanctions, PEPs, and adverse media watchlists.

Too much time and effort in eliminating the false matches.

One-by-one screening requiring several hours.

Not so easy-to-use interface, leading to errors and inefficiency.

Can only do screening at the time of onboarding and not on an ongoing basis.

Unable to track the status of each and every screening.

How can we solve them?

Giving access to file upload functionality, where users can save documents on the cloud while doing the screening.

Provide high-quality global watchlist data to ensure risks are assessed correctly.

Exact and fuzzy matches. Ability to edit the match score threshold as per the risk appetite and create a balance between matches and relevancy.

Batch screening option to screen multiple profiles in one go.

Rather than filling up everything on one page, we develop a step-by-step process allowing users to focus on one thing at a time.

Ongoing screening with a complete log and email alerts for hits.

Develop a workflow based on different stages of screening and showcase the status in real time.

RapidAML won’t just Excel; it’ll Redefine Excellence.

Other features on the product roadmap:

Activity-based tracking

Customer status tracker

Dedicated case management module

Ability to multiple roles as per the business needs

Reports to analyse the screening

Dashboard to give a centralised view of screening

Ability to add multiple organisations and filter data accordingly

We also wish to have two-way integration between the screening module and other modules, such as KYC and Risk Assessment, to ensure efficient data flow from one module to another.

What’s Next?

That’s true that fitting all the features and tools under one umbrella is an ambitious task, but RapidAML is dedicated to achieve it without compromising with the ease of use and user experience.

How will we achieve it?

Well, we’ll find that in the next product update, where RapidAML reveals the application’s exciting design.

Ready to ride the RapidAML wave before anyone else?