Payall is excited to announce its collaboration with Crassula, a leading innovator in financial technology solutions, on the launch of a cutting-edge, AI-powered, decision-making system. This new system is set to transform the financial services sector by significantly enhancing the process of client verification and account opening.
The decision-making system integrates Crassula’s powerful web interface for profile creation and data sharing with Payall’s advanced capabilities in risk scoring and transaction monitoring. This integration facilitates a seamless and efficient verification process that not only meets but exceeds the current regulatory demands.
Key features of the decision-making system:
Profile creation and data sharing: Crassula’s web interface allows for the creation of client profiles, which are shared along with necessary documents and questionnaires with verification partners.
Document verification: system conducts thorough checks on identification documents and shares verification results with Payall for further analysis.
Risk scoring by Payall: Payall evaluates the documents and information provided, assigning a numerical risk score and making a risk-level decision, such as "refuse to board."
Final decision by White Label: Results are displayed in Crassula's admin panel, where the final decision to onboard a client is made based on the comprehensive data provided.
This system not only speeds up the process but also introduces a new level of customization and dynamic processing capabilities:
Custom client tagging and rule application: Entities can tag profiles for specific regulatory requirements or client management strategies.
Dynamic processing: Payall can adjust their processes based on these tags, applying bespoke rules that differ from standard procedures.
Use case example – micro-enterprise compliance: For instance, a micro-enterprise in Great Britain, subject to specific regulations, can benefit from this system. The entire verification process, enhanced with tagging, ensures compliance with local regulations, demonstrating the system's adaptability, accuracy and precision when deployed across markets globally.
Gary Palmer, CEO of Payall, says: “Our innovative decision-making system, engineered in partnership with Crassula, tackles inefficient manual processes and will greatly benefit both banks and customers.This strategic move is important for both companies and will strengthen Payall’s presence across Baltic countries and the European fintech landscape.”
"We are thrilled to collaborate with Payall on this project," said Daria Dubinina, co-CEO of Crassula. "Our new decision-making system is set to redefine how financial services handle client verification and risk management, making the process faster, safer, and more adaptable to the needs of our global clientele."
This partnership reflects both Crassula’s and Payall’s commitment to innovation and excellence in financial services technology. The new decision-making system is expected to be rolled out to clients starting Q4 2024.
About Crassula
Crassula is at the forefront of financial technology, providing robust solutions that enhance the efficiency and security of financial operations worldwide.
Please see the link to Knowledge base where the functionality is described: https://help.crassula.io/knowledge/
