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Wolters Kluwer Financial Services in Minneapolis offers Wiz Sentri RiskID, a set of tools that automate ID verification operations from account opening to record archiving. It streamlines credit unions’ workflow and ensures compliance by risk-rating and risk-scoring new and existing accounts, verifying individual and business IDs, and screening applicants and accountholders against government watch lists.
Wiz Sentri RiskID allows credit unions to:
- Verify the IDs of applicants opening new accounts and confirm the IDs of current members;
- Screen potential and current members against lists of high-risk individuals and businesses;
- Speed up member due diligence by automatically evaluating member risk at account opening, and using customized evaluation parameters that fit individual credit unions’ policies, procedures, demographics, and risk tolerance; and
- Risk-rate members as low, medium, and high risk, and apply the appropriate due diligence reviews according to risk.