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Industry roundup: 12 July

BPL Global launches credit and political risk portfolio management tool

BPL Global, a specialist credit and political risk insurance (CPRI) broker, has announced the release of BPL Sphere - a platform designed to give clients full and immediate visibility to their CPRI portfolio and exposures across their global operations.

The platform, which BPL Global has developed and refined over the past 12 months, comes in response to the growing demand among clients for sleeker, more holistic tools with which to analyse and utilise their insurance data. The multi-faceted platform gives clients access to all their CPRI data through a single portal. Dashboards track and display all aspects of a client’s activities, ranging from non-binding quotations, through to bound policies, invoicing and claims, and their portfolio view can be filtered according to requirement - for instance, by country, obligor, cover type, policy status, currency or insurer security. The tool is designed to give complete oversight for risk management purposes, as well as allowing for in-depth analysis of premium spend, insurer relationships and exposures, to streamline internal reporting.

Through the platform, clients are able to 'slice and dice' their data according to their individual needs, as well as extract it to use elsewhere within their management, systems, and operations. BPL Sphere permits visibility across clients’ country and counterparty exposures, active policies and corresponding endorsements, invoices payments and claims. Statistical data, together with copies of bound policies and endorsements, can be exported from the platform for clients’ own internal needs, whether that be for their front, middle or back office functions.

 

LexisNexis Risk Solutions unveils digital financial crime compliance solution 

LexisNexis Risk Solutions has launched LexisNexis Financial Crime Digital Intelligence, a solution that leverages digital identity data to transform financial crime compliance workflows. 

Assessing sanctions risk associated with transactions is a foundational requirement of all organisations. Transactions have been rapidly migrating to digital channels in recent years and COVID-19 has accelerated this timeline. The faceless nature of digital transactions introduces new opportunity for criminals to evade detection. Digital transactions represent a growing sanctions risk to many organisations as a result and regulators are taking notice. Several recent enforcements by the United States’ Office of Foreign Assets Control (OFAC) have involved companies that facilitated transactions originated by persons in sanctioned countries. This occurred even though the companies’ sites were collecting signals such as IP address and geo-location intelligence that should have identified the risk.

Financial Crime Digital Intelligence combines LexisNexis ThreatMetrix, the LexisNexis Dynamic Decision Platform and LexisNexis WorldCompliance data. The solution offers financial crime compliance teams the ability to keep pace with and mitigate escalating sanctions risks associated with accelerated digital transaction adoption.

The solution provides a dedicated and customised workspace including purpose-built financial crime compliance capabilities such as access to additional sanctions risk features, storage capacity and user role configuration. Two key features of the tool are Sanctions Location Risk and Sanctions List Match. Sanctions Location Risk uses up to 10 different location signals to detect the location-based sanctions risk associated with a digital identity in real time, then delivers an assessment of that risk to users. Sanctions List Match allows customers to automate a call from the Dynamic Decision Platform to WorldCompliance data and receive an immediate 'yes/no' response when there is a match to a sanctions list. This allows compliance teams to make the decision to either terminate the transaction or refer it for manual review in accordance with their specific risk appetite and tolerance.

 

GUUD launches trade finance platform for businesses

Singapore's GUUD Finance has announced the launch of RYTE - an intelligent trade financing technology platform designed to simplify complex and traditionally manual trade finance processes, connecting business users to both banks and alternative financiers, and allowing them greater opportunities to access funding options to meet their working capital requirements.

Through RYTE, processes are streamlined and standardised, allowing businesses to easily submit documents, pulling the required digital data or documents through secured repositories like the Networked Trade Platform (NTP) or from digital trade facilitation platforms operated by GUUD such as trade declaration services. RYTE provides business users with varied options for financing revolving around their trade flow; from supply chain financing to documentary trade, all within a single platform. Whether they are looking to apply for import GST financing, letter of credit issuance or shipment financing, they can access the RYTE platform to link up with an appropriate service provider that will assist them with their requirements.

As a digital trade financing platform, RYTE uses data to deliver a better experience for users, making their financing journey simple and secure. With a promise of fast turnaround times on all enquiries, real-time status updates and secure auto-population of form fields and retrieval of digital documents through its secure network, RYTE helps users navigate their work flows digitally and simply, saving them time, cost and unnecessary errors.

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