Financial Institutions API
Powerful API for compliance and smooth customer experience.
As a financial institution that handles high-risk transactions, you need to perform certain actions in your business to maintain compliance with regulations and recover on payments. However, you also want to make these processes as fast and easy as possible for both your customers and employees and avoid relying on third-parties when possible. Tracers financial institution API allows you to seamlessly integrate our customer data and compliance tools directly into your own platform to help you easily meet regulations and recover payments — without disrupting the customer experience or your own workflow.
Prevent fraud and maintain compliance with an API for KYC
Financial institutions need to implement Know Your Customer (KYC) policies and fraud prevention techniques in their business in order to comply with government regulations that aim to reduce the risk of financial crimes like fraud. One of the best ways to perform know your customer verification and fraud prevention is by verifying the identity of all your customers. Tracers provides reliable and fast identity check solutions that can be easily accessed via our API to prevent fraud and ensure compliance with KYC regulations.
- KYC verification measures are not only required by regulations to prevent fraud, they also reduce the risk of other types of loss and ensure customers feel safe and protected.
- Tracers powerful ID verification tools quickly verify identities by cross-checking pieces of information across multiple sources.
- With an API, you can integrate these ID verification tools into your own platform to more easily and efficiently prevent fraud and maintain compliance.
Get an AML compliance API with ongoing monitoring
Along with KYC policies like ID verification, financial institutions also need to continuously screen their customers to comply with Anti-Money Laundering (AML) laws at every stage of business. Tracers offers compliance screening software and ongoing monitoring tools that can be easily integrated into your own workflow with API. Financial institutions will get automatic notifications of any changes in their customers’ profiles that could violate user requirements so they can take the necessary action, like a manual fraud review, and maintain compliance with AML regulations across the entire customer lifecycle.
- Financial institutions need to continuously monitor their customers, even after initial identity verification, to ensure customers don’t get added to any prohibited lists later on.
- Tracers global watchlist screening and ongoing monitoring tools ensure you have a clear and current view of customer data across the entire customer lifecycle for better security.
- By integrating these tools into your own platform with an API, you can monitor customers at every stage for easier compliance and better peace of mind.
Get financial institution APIs for faster and smoother onboarding
Performing fraud prevention and cdd screening in onboarding is necessary to comply with regulations and reduce risk, but making customers go through a disjointed and tedious onboarding process will add drag to the customer experience. To speed up onboarding and provide a smooth customer experience without sacrificing safety and quality, you can seamlessly integrate KYC tools into your own CRM platform with Tracers API.
- To maintain KYC/AML compliance and enhance due diligence, financial institutions need to verify and screen their customers during onboarding.
- When customers move through a smooth, fast onboarding process, they’ll have a better experience and be more likely to continue doing business with your company.
- Tracers API allows you to instantly access the best KYC tools from your own platform for faster onboarding, as well as customize your onboarding solutions to fit your needs.
Streamline collections and recovery with a financial institution API
Although financial institutions should work to reduce the likelihood of an account going to collections as much as possible, every financial institution will have to deal with collections and recovery at one point or another. Although the process is inevitable, you want to make it as straightforward and fast as possible to reduce loss. Tracers easy financial collections API delivers the best right-party contact and skip tracing tools to your own platform for a faster and more streamlined collections and recovery process.
- To keep collections in-house and speed up debt recovery, you need access to the collection and recovery tools for skip tracing and right-party contact.
- Tracers can provide person search by address, phone to address directory, utility listings data, and up-to-date contact information to help you find and reach customers directly for collection.
- With API integration, you can access these powerful tools on your own time to streamline the collections and recovery process.
What can Tracers financial institution API do for financial institutions?
Financial institutions need reliable screening tools and expansive customer data to maintain compliance, onboard customers, and perform collections and recovery. Rather than relying on a third-part service to access these tools or completely redoing your current infrastructure, you can easily integrate them into your own platform with Tracers API for financial institutions.
Tracers provides over 43 billions records on 99% of adults in the US, as well as fast and accurate KYC/AML tools, to help financial institutions maintain compliance and get an up-to-date picture of all of their customers. With API, you can choose the exact tools you want to integrate and customize the solutions to fit the needs of your business. Tracers dedicated support team will also provide you with the support you need to get the best results from our API for financial institutions.
What is a financial institution API?
A financial institution API integration delivers comprehensive and reliable customer data and compliance tools directly to users’ own platforms to help you easily meet regulations and recover payments without disrupting the customer experience or redoing your current infrastructure.
Who can benefit from using a financial institution API?
Financial institutions that already have an established platform but need searching tools to comply with KYC/AML regulations and move accounts through collections can benefit from using an API for financial institutions. If you’re looking to streamline your workflow and work more efficiently without sacrificing safety and quality in your business, a financial institution API is the solution.
What does a financial institution API provide?
A financial institution API provides financial institutions with solutions for customer onboarding, ongoing monitoring, and collections and recovery that can be integrated into your own software and customized to fit the needs of your business. This allows you to maintain compliance and keep onboarding and collections in-house, while providing your employees and customers with a smoother user experience and greater flexibility.
What do I need to get started with a financial institution API?
To get started with using an API in your financial institution, use Tracers API for financial institutions. Tracers API allows you to quickly access our comprehensive and up-to-date customer data and effective KYC/AML tools on your own time and from your platform. You can choose the exact tools you want to integrate, and still get complete access to our dedicated customer support team for the best results.