Introduction
The London Stock Exchange (LSE) is one of the world's most prestigious financial institutions, providing access to a wide range of equity, fixed income, and derivative markets. As part of its regulatory obligations, the LSE requires Know Your Business (KYB) verification for all new customers. The KYB verification process, however, was time-consuming and prone to errors. To solve this challenge, LSEG has decided to implement Global Database API for automated KYB verification.
Challenge
The LSE's previous KYB verification process was manual, involving the review of multiple documents to verify the identity of new customers. This process was time-consuming, prone to errors, and acted as a bottleneck that slowed down the new customer onboarding process, resulting in delays in revenue generation.
Solution
Phil Gousman, Director, Data Strategy chose to implement Global Database API to automate the KYB verification process. The solution allowed LSE to quickly verify and automate data new business verification and validation checks. Global Database API provides access to a comprehensive data set that includes business registration details, financial data, credit score and ownership and group structure information. The data set is updated continuously, ensuring LSE is always up-to-date on changes to customer information.
Results
Since implementing Global Database API, LSE has achieved up to 70% faster new customer onboarding times. The automated KYB verification process has significantly reduced the time and resources required to onboard new customers, enabling the LSE to generate revenue faster. The solution has also improved the accuracy of the KYB verification process, reducing the risk of fraud and non-compliance.
Conclusion
By using Global Database API, LSEG has streamlined the KYB verification process and achieved significant improvements in new customer onboarding times. The solution has enabled LSE to quickly verify new customers and comply with KYB regulations, while reducing the risk of fraud and non-compliance. Global Database API has become an integral part of LSE's data strategy, providing access to a comprehensive data set that is continuously updated, improving the accuracy and speed of customer onboarding.
