Metro Bank has signed a three year contract with Artesian Solutions to improve its KYC and onboarding procedures.
Following a “successful pilot process,” the bank will become Artesian’s first major financial institution in the UK to utilise its risk and compliance solution.
Artesian’s risk and compliance hub (ARCH) is a software-as-a-service solution that provides relationship managers with a pre-screening process on prospective clientele.
Matt Elsom, vice president, Risk Solutions, Artesian commented: “We’re delighted to announce our partnership with Metro Bank, a great first client for ARCH.
“Metro Bank has a true desire to disrupt the status quo and a strong appetite to adopt technology innovations that improve customer experiences, whilst at the same time protecting themselves and their customers as they continue on an aggressive growth trajectory and attract even more fans.”
The solution automatically applies the bank’s own policies to any data given and presents a summarised view of risk that can be acted upon.
Artesian describes the solution as following a ‘distributed compliance’ approach as it complies with KYC regulations whilst giving managers more control and insight to customers.
Mark Stokes, managing director, commercial banking, Metro Bank said: “Metro Bank is the revolution in the commercial and corporate banking space, providing unrivalled customer experience in terms of speed of decision making and action – something we pride ourselves upon.
“We are excited to work with Artesian to take such a revolutionary tech-driven approach to bringing compliance and KYC into the forefront of our business and commercial banking activities. Artesian will help us know more, know sooner and save valuable time we can invest in building great customer relationships.”