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Covery helps GlobalNetInt automate transaction monitoring

Find out how Covery helped GlobalNetInt grow to be one of many 5 most quickly rising Lithuanian digital cash establishments (EMI), in line with the Financial institution of Lithuania.

Covery helps GlobalNetInt automate transaction monitoring

The Financial institution of Lithuania has not too long ago printed an outline of the scenario inside the EMI/EPI (digital fee establishment) area. Whereas Revolut is certainly the market chief, considered one of Covery’s clients, GlobalNetInt is listed among the top five EMIs in Lithuania. Covery is proud to be part of the rationale for this achievement and wish to share how our companies helped GlobalNetInt ship extra worth to their clients.

The duty at hand

As a fintech firm and an EMI, GlobalNetInt supplies on-line banking companies for people and authorized entities in Lithuania and throughout the EU. Because the numbers of their clients grew, the necessity to automate the transaction monitoring grew to become increasingly apparent.

GlobalNetInt shortlisted Covery amongst a number of different firms. Our platform was chosen because of providing one of the best worth/high quality ratio, in addition to a variety of companies along with transaction monitoring automation. For instance, Covery supplies person screening towards Dow Jones sanctions lists and allows video verification of end-users. This manner, as an alternative of utilizing quite a lot of instruments for each side of their operations, GlobalNetInt chosen Covery to offer end-to-end threat administration.

How Covery helped

Through the implementation course of, Covery helped GlobalNetInt to automate the SEPA/SWIFT funds monitoring in real-time. We additionally helped scale up their transaction processing by utilizing configurable guidelines and situations to deal with the most typical instances, which vastly improved the decision-making velocity.

Now, GlobalNetInt can present all of the wanted experiences to the Financial institution of Lithuania a lot quicker, as Covery supplies an choice to export all of the wanted particulars for dangerous transactions utilizing particular datasets. To simplify distant information evaluation and processing, Covery allows working with pre-redacted transaction experiences, threat logic dealing with experiences, transactions throughput and site visitors experiences.

The outcomes

After Covery’s implementation, all of the processes associated to transaction monitoring grew to become totally automated, which resulted in vastly elevated transaction processing velocity.

As of now, GlobalNetInt has to manually course of solely about 2-3% of all transactions. The remaining 97% of transactions are mechanically processed towards a algorithm inside the threat logic engine, earlier than being permitted or rejected. This ensures speedy and exact decision-making whereas additionally opening capabilities for scaling up the consumer base.

Covery helped GlobalNetInt safe their backside line and put together for scaling up by automating one of many cornerstones of their operations – real-time transaction monitoring.

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