Sectors

Paycasso solutions are deployed across multiple industries, which leverage the versatility of the platform in supporting their own industry specific requirements and use cases.

Some of the challenges we face in today's digital commerce are directly attributable to its unbridled success

Combating global costs of identity theft2016 saw estimated global losses of $3.7 trillion.

Escalating costs of regulatory complianceSignificant increase in enforcement action against institutions who are unable to demonstrate regulatory compliance.

Globalisation, the financial crisis and greater access to financial services The impact of globalisation across markets has been significant. Regulatory authorities have ultimately responded to the financial crisis with a significant overhaul of their policies, procedures and enforcement actions. Individual, corporate and government losses stemming from financial fraud are difficult to accurately assess but without question continue to rise dramatically. Robust account registration must include a much higher degree of trust in the outcome of the identity verification process. Mitigating the risks associated with impersonation fraud in both account registration and authenticating valid holders of existing accounts are critical. Solutions that support sector specific regulatory requirements and guidance such as KYC, AML, CDD, CTF and JMLSG are a minimum requirement.

Personally identifiable information, privacy and security Successful security breaches of corporate systems continue to rise. These breaches result in the loss of any security around significant amounts of personal data. The attempted abuse of this data becomes a likely event.

Speed and convenienceSlow ID and anti-fraud checks are frustrating for customers and negatively impact account registration completion rates. A simple and easy to use identity verification process is a key differentiator and positively impacts account registration completion rates.

Exceptions handling and AML/KYC remediation programmesThe costs associated with exceptions handling continue to escalate due to the inefficiencies in manual end-user verification processes. An operating environment where the control functions bias is to mandate remediation programmes to offset even minor perceived risks typically adds further costs. Digital transformation is no longer a buzz phrase, these initiatives have budget allocation and executive sponsorship and are driving greater investment allocation to the on-boarding process. A solution that increases the integrity of customer data through an efficient on-boarding process drives positive returns throughout the compliance chain. The entire customer lifecycle is positively impacted by the inclusion of a biometric component within these on-boarding processes.

FINANCIAL SERVICES

THE ISSUE

Identity theft is Britain’s fastest growing crime, increasing at 500% a year (CIFAS); more than £1.6million worth of card fraud occurs every day, with a new victim every eight seconds (APACS). The banking system has to adapt fast to cope with this, as well as with the newly emerging progressive methods of mobile payment. Account registration, access and ID authentication remain critical in the fight against fraud by meeting sector specific KYC, CDD, AML and CTF regulatory risk mitigation requirements.

THE SOLUTION

Paycasso’s account registration solution supports a global marketplace, reduces customer friction through a simple and effective on-boarding process, thereby increasing completed customer registrations. Reducing the risks associated with impersonation fraud, improving operational efficiencies through the application of consistent and automated adjudication processes and supporting the organisations compliance with respect to its Regulatory obligations.

  • – Simple and effective customer on-boarding
  • – Comply with Regulations
  • – Reduce costs
  • – Improve risk-mitigation
  • – Reduce instances of fraud

HEALTHCARE

THE ISSUE

Security and privacy are two fundamental principles of healthcare and the provision of healthcare services; however, the proliferation of electronic medical records has raised patient safety and security concerns. Healthcare systems are moving to offer online access for patients and physicians to sensitive, personal medical information, and consequently, identity and security of data are crucial industry priorities. At the same time, healthcare fraud is on the increase, costing US taxpayers alone over an estimated $300 billion annually. Medical identity theft is a crime against the person that has far greater consequence than financial fraud, with over 1.5 million new victims impacted each year (CIFAS), the importance of patient data and its security is of national and international concern.

THE SOLUTION

Enhancing the control mechanisms applied to medical data management whilst ensuring compliance with healthcare privacy regulations. The use of biometrics in matching a patient to their health record simply and effectively reduces exposure to risk. The elevated risks are not financial in nature, they are the potentially life threatening risks to the patient's safety. By applying biometric authentication of a patient to their stored health record, there is a quantifiable reduction in exposure to these risks. Applying the same protocols in the verification of a providers identity and credentials further elevates access rights to sensitive health data to ensure those who do access, are who they purport to be and have purpose to do so.

  • – Enhancing access controls reduces patient safety risks  
  • – Enhanced medical data management
  • – Reducing the exposure to medical identity fraud & theft
  • – Ensuring compliance with regulatory requirements

RETAIL BANKING

THE ISSUE

Retail banking had represented a staid, conservative and unfashionable corner of the financial world. That dramatically changed almost overnight. With the advent of digital only financial service providers, promptly followed by full service digital banks that have no physical presence, the retail banking landscape has fundamentally and permanently changed. High Street Banks dominated the market, consumers rarely found cause to consider moving basic banking services. With the rapid expansion of new entrants to the market, the consumer is suddenly faced with significant choice. New entrants open accounts for their customers in minutes not days. Technology is driving the consumer choice and ease and simplicity are demanded. The High Street Banks have not historically been party to such market forces. Whilst they are not necessarily being challenged on product, they are certainly battling for a consumers attention and that demands immediacy of service.

THE SOLUTION

Consumer facing solutions that support the entire customer lifecycle, from account opening through to secure account authentication.

  • – Simple and easy to use on-boarding process
  • – Supports your multi-channel engagement: web, mobile and in-person facilities.
  • – Comprehensive audit, quality control and regulatory compliance 
  • – Supports your global marketplace through a single platform

INSURANCE

THE ISSUE

Similar application challenges have existed across the spectrum of insurance products, from auto, to health and life. These challenges have negatively impacted the policy applicant given the time and information required to complete an application through to those within the insurers operations whose task it is to compile the policy application file and in turn, the underwriter themselves in assessing the information presented. The applicants identity is certainly a part of the challenge, but a much smaller part at policy inception than for a redemption. It is the combination of supporting documentation that is required at policy inception that inflicts the burden on both parties: the applicant often finds themselves the subject of ongoing requests for supporting documentation, often for documentation that has been provided previously. The Insurers operations department have struggled to maintain a consistent level of efficiency in managing this exhaustive inflow of paperwork.

THE SOLUTION

Ensuring the application process and the applicants user experience is consistent, easy to use and effective. Whilst the applicants identity verification process is clear and pre-defined, the applicants supporting documentation vary substantially from case to case. We address these unique challenges through user facing functionality that is simple to use and accommodates all shapes and sizes when it comes to supporting documentation. An applicant often must return to their application process once they have found the relevant required documentation Paycasso's solution effectively supports this industry specific requirement. Delivers operating efficiencies from application through underwriting and ultimate policy inception.

  • – Easy to use and reduces friction in the Policy applicant registration process
  • – Delivers organisational efficiency in the processing of Policy Applicant's IDs and Secondary Documentation
  • – Supports the policy underwriting process
  • – Reduces costs whilst increasing successful inception of new Policy's
  • – A transformation process that earns support from Legal, Risk & Compliance Depts.
  • – Reduces risks associated with impersonation fraud

RESTRICTED GOODS & SERVICES

THE ISSUE

The most common restrictions denoted by goods and services that are identified in this category of commerce are the minimum age requirements set for those consumers who are able to purchase them. The determination that this minimum age requirement is being met (prior to completing a sale) is the responsibility and legal obligation of the retailer. For the retailer, simply ensuring robust operational processes are in place to fulfill these legal obligations is not sufficient, the retailer must demonstrate compliance as and when requested to do so by the relevant jurisdictional authority. A regulator must be able to review the retailers compliance policy and independently assess the efficacy of the operational processes that have been implemented to ensure policy compliance. The dramatic expansion of low cost digital (person-not-present) sales & distribution channels has highlighted the challenge facing retailers and the regulatory authorities. Operational processes that assured regulatory compliance for in-person sales are not delivering the same assurance digital channels. Growing public safety concerns with the ease of access for minors to adult services that have dramatically grown in scope and an active political agenda driving expansion of both regulatory authority and enforcement capabilities requires solutions that not only address digital compliance requirements but do so in a commercially sensitive manner.

THE SOLUTION

Delivering simple to use, consumer friendly and commercially effective solutions that support both domestic and multi-national service providers in meeting the required compliance controls relevant to the jurisdictions in which they conduct business. In conjunction with meeting compliance obligations related to the specific restricted goods or services, multi-national operators must ensure compliance with various jurisdictional data privacy obligations. Paycasso ensures its clients' satisfaction of such obligations through both solution deployment options. Saas/Cloud solutions are facilitated through mirrored deployments in the global network of AWS Data Centre's. Coverage stretches from Sydney, Australia through to N. American facilities. Paycasso's deployed software (client on-premise) platform ensures those clients who wish to maintain absolute control can deploy multiple instances within their own in-country data centre facilities.

  • – Reducing user account registration effort whilst supporting regulatory compliance
  • – Delivering low impact, commercially viable solutions
  • – Raising barriers that effectively restrict under-age access
  • – Supporting regulated service providers with comprehensive audit capabilities