Product Overview of Sphonic (Now Part of Signicat)
Sphonic, now a part of Signicat following an acquisition in 2022, is a leading RegTech orchestration platform designed to streamline and enhance compliance, risk management, and customer onboarding processes for various industries, including financial services, fintech, gaming, and payments.
Key Functionality
- Compliance Workflow Management: Sphonic’s primary product, Workflow Manager, enables clients to customize, automate, and manage compliance workflows seamlessly. This includes processes related to Know Your Customer (KYC), Know Your Business (KYB), and Anti-Money Laundering (AML).
Key Features
- Automation and Orchestration: Sphonic automates and orchestrates complex compliance decision processes, reducing customer onboarding time from days to seconds. This automation also helps in preventing customer drop-off rates and enhancing the overall customer experience.
- Access to Multiple Data Sources: The platform leverages data from around 100 of the world’s leading data and technology providers, allowing clients to access best-in-breed technologies via a single API. This includes innovations in Global Identity & Business Verification, PEPs & Sanctions Data, Device Fingerprinting, Mobile Profiling, Email Verification, Geo-Location, and Behavioural Biometrics.
- Real-Time Transaction Monitoring: Sphonic offers a highly scalable real-time fraud and AML transaction monitoring solution. This system helps in identifying and mitigating fraud, AML, and affordability risks (particularly relevant for gaming and Buy Now, Pay Later services).
- Case Management and Data Visualization: The platform includes a case management system that provides tools for visualizing identity, fraud, and AML data. This enhances the quality of data and increases end-user insights, enabling better decision-making during the onboarding process.
- Integration and Scalability: Sphonic’s solutions are designed to be highly scalable and integrate seamlessly with existing systems. The integration with SEON, for example, enriches traditional KYC/AML processes with dynamic digital insights, further enhancing fraud prevention capabilities.
Benefits
- Enhanced Security and Compliance: By automating risk assessment and mitigation processes, Sphonic ensures that businesses remain compliant with regulatory requirements while reducing the risk of fraud.
- Improved Customer Experience: The platform streamlines customer onboarding, making it faster and more efficient, which improves the overall customer experience.
- Cost and Time Efficiency: Automating complex workflows saves time and money by reducing the need for manual intervention and minimizing the reliance on external consultants or developers.
In summary, Sphonic, as part of Signicat, offers a robust RegTech orchestration platform that automates and enhances compliance, risk management, and customer onboarding processes, providing a comprehensive and adaptable solution for managing various aspects of digital risk and compliance.