1stKYC is active in AML/CFT solutions for small and medium-sized companies covered by Article 2 of the 4th Directive (2015/847). We have several APIs that open up the possibility of interfacing business applications with our anti-money laundering solution.
An API (Application Programming Interface) allows two completely independent computer systems to communicate automatically. More precisely, an API is the gateway that allows one computer system to call up information from another computer system: it therefore makes them interoperable.
Depending on the needs, the communication can be one-way or two-way, thus establishing an automated dialogue between two applications.
Further developments on the notion of API.
For example, in collaboration with a major operator in the Luxembourg real estate sector, we have set up an API between the real estate agents’ business application and 1stKYC. This API allows real estate agents to retrieve information (buyer or seller client identity) from the real estate application in 1stKYC. In this way, an AML/CFT processing can be done very easily by the real estate agent.
Once the data is in place in 1stKYC, the software automates the KYC management, calculates the risk, carries out the due diligence and automatically issues all the necessary editions.
Another use of the APIs is the “Single Verification” system where, from a Third Party software, a request for verification of an individual is sent to 1stKYC which sends back by email to the user, in the following minutes, the result of the search in the WatchList and the negative press, relative to the person concerned.
Other APIs are being built for sectors other than real estate. If you have a specific need in mind, please contact us.
About The Author: Michel Vansimpsen
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