Velocity Country Resolution

Velocity Country Resolution assists in streamlining and providing accurate country data. This can be used to understand the risk a country poses and monitor the transactions related and review according to the risk associated with the particular country.

Velocity Country Resolution module performs advanced analytics to disentangle or disambiguate country source data per client needs, after receiving clients’ data from multiple sources via multiple pathways.

Velocity Country Resolution aims to provide a bespoke solution to the client to offer a streamlined and disambiguated source of country data that can be utilized for:

  • Understanding the risk a country poses.
  • Monitoring the transactions related to the country.
  • Imparting due diligence based on the evaluated risk associated.

Velocity’s Country Resolution: Resolve country name from multiple data sources

Identifying high-risk jurisdictions is extremely important for AML compliance.

The transaction data comes with an address field that is necessary for high jurisdiction rules to run based on the country of the originator or beneficiary.

Various issues can arise like:

  • Source data may not fill the country column.
  • The address field is in a free form without constant delimiters to parse the data.
  • It is difficult for conventional logic to parse the country from the free-form address.
  • Addresses can come either with a country blank or country abbreviated or misspelled.

Velocity’s Country Resolution can:

  • Resolve the country for every individual party present in both customer and transaction data.
  • Help in AML compliance monitoring with proper identification of customer and transaction records.

The CR process consists of three steps:

Input

  • Customer information data (including indirect customer data).
  • Available transaction data.

Process

  • Processing all the individual records to resolve the country column.
  • Fuzzy matching to normalize the city, state, postal code, and country name.
  • Cross verification with the global database to identify the country with a higher confidence score.

Output

  • Resolving the country data and generating the report.
  • Country data in ISO Alpha-2 Country Code format.

Why choose Velocity’s Country Resolution?

Helps in AML compliance

By proper identification of customers and transactions, Velocity CR helps in AML compliance.

Scalable

Velocity CR can help you to scan large sets of data and generate reports.

Eliminate risk

By switching to Velocity CR you can eliminate the risk involved with manual processes.

Simplified process and accurate results

Velocity CR module is designed to simplify the work of financial institutions and provide high-precision results.




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