GBG, the global specialist in identity data intelligence today announced it is providing identity verification technology to Australia-based multi-asset brokerage and prime services provider, Invast Global. The partnership brings an enhanced level of identity intelligence to Invast’s on-boarding process, supporting its comprehensive anti-money laundering (AML) program and driving expansion into major growing international markets including China.
With a broad portfolio of clients, ranging from individual traders and investors to multi-national financial institutions, Invast provides access to a range of trades including foreign exchange (FX), contracts for difference (CFD) products and thematic investments. The firm has been using GBG ID3global since September 2015 to enhance its services for clients in 25 countries worldwide. This includes GBG’s electronic identity verification service for Chinese customers, incorporating validation of Chinese passports and national identity cards, to prove an individual is who they say they are.
Invast’s GBG solution has removed the laborious process of identifying and screening high risk individuals, by replacing manual processing with a state of the art batch matching tool that automatically checks new and existing customers against a broad portfolio of politically exposed persons (PEP) and enhanced sanctions data from global partners. This has enhanced Invast’s existing on-boarding and customer management process with faster application turn around, fewer requests for additional customer information, and reduction in false negatives, thus enhancing overall business performance.
Doris Hsiao, Director and Head of Compliance at Invast Global said: “We needed a solution to improve our PEP and sanctions screening functions in line with our AML program, and one that would give us the coverage required to expand into new markets. We chose to work with GBG because of the coverage of their data, track record of working in the global Fintech industry, and the flexibility, ease of use and ROI associated with their technology solution.”
GBG ID3global is uniquely positioned to verify the identities of more than four billion individuals, and validate addresses across 240 countries and territories. Hsaio explained: “As Invast has a global outlook, we generate interest from clients from all over the world, and it is important to us that our AML and sanctions risks are managed appropriately. GBG has been a successful partner for us.”
Jush Athar, Associate Director and Head of Operations at Invast said: “Since our launch in 2013, we have tried and tested many alternative PEP screening solutions; however, it was clear to us that GBG had superior technology to accommodate our needs. Its customer-friendly interface is easy to use and the GBG account team has provided fantastic service throughout testing, initiation and ongoing support phases. As we on-board more international clients, there is an increasing need to implement greater risk managing measures – particularly those surrounding AML – and with GBG we are well equipped to do this.”
Glenn Porter, Managing Director, Global and Major Accounts at GBG said: “We are proud to be working with Invast, who are a leader at a dynamic time in the brokerage industry. Invast represents an increasing number of businesses moving online to tap into the booming global marketplace. It is vital such companies have the right tools to ensure compliance as well as provide a best-in-class customer experience. With GBG’s ability to verify the identity of over half the world’s population, our partnership with Invast is a great example of how we support our clients’ expansion into new territories.”