North International Bank Ltd. Selects IdentityMind to Consolidate All of its KYC and AML Operations into One Platform to Meet Regulatory Requirements

North International Bank Ltd. Selects IdentityMind to Consolidate All of its KYC and AML Operations into One Platform to Meet Regulatory Requirements

From Initial Contact to Implementation in Less Than 30 Days

PALO ALTO, CA., February 5, 2019 – IdentityMind, Digital Identities You Can Trust, today announced that North International Bank Ltd. (NIBank) has selected IdentityMind’s Version 2.0 SaaS-based platform to consolidate all of its know your customer (KYC), anti-money laundering (AML), Office of Foreign Assets Control (OFAC), transaction monitoring and sanctions screening into one platform to meet regulatory requirements. NIBank is a private bank registered in Antigua and Barbuda, and regulated and overseen by the Financial Services Regulatory Commission (FSRC).

“We’re an international private financial institution, founded 11 years ago; and we are currently the fastest growing bank in the Caribbean, our services range from large international corporations bank accounts to our one-of-a-kind card-issuing platform with our issuing partners brand MasterCard (since 2012) and Union Pay International (since 2018)” said Jonathan Barrios, Vice President of Information Technologies for North International Bank Ltd. “We were looking to gain efficiencies by consolidating different siloed and outdated backend systems that were independent of each other.”

NIBank set out on its journey by evaluating several options. First, they considered building a unified system in-house but quickly determined it wasn’t their core competency and, according to Barrios, “I wasn’t interested in making additional investments in headcount or hardware.”

Next, he investigated having one of the lead existing vendors drive an integration effort across the different solutions. “One vendor estimated that it would be a 4 – 6 month undertaking. Yet another indicated that they didn’t want to open their system to other companies.”

Faced with less than 45 days to get his project up and running, and have auditors sign off on it, Barrios turned to IdentityMind.

“From initial contact to implementation, we made it in 30 days,” said Barrios. “The beauty of the IdentityMind platform is that it has been designed in such a practical and flexible way in a dashboard environment with an easy to navigate UI. With just one click of the mouse, we have the ability to do all of our KYC and AML reporting without having to consult multiple systems.”

“Prior to IdentityMind, we were managing manual spreadsheets of checks and balances, clicking through various portals,” continued Barrios. “That use to take one administrator multiple days to process. We’ve now reduced it to less than one hour. The turnaround to tell a customer that they can open an account, or add additional services, has been reduced from days to hours.”

What’s next for NIBank?

“In IdentityMind, we have found the partner we’ve been looking for many years to come,” said Barrios. “The Version 2.0 platform is truly innovative. I’m already developing other projects based on what we’re seeing today.”

“We’re pleased to work with clients like NIBank who are trying to move beyond a siloed solutions approach – which in many cases don’t work with each other – or who are confronted with the classic build vs. buy decision,” said Jose Caldera, Chief Products and Marketing Officer, IdentityMind. “IdentityMind provides a holistic approach to compliance and risk operations in one, easy to implement and manage platform, that enables companies to scale as needed and realize greater operational efficiencies.”


About IdentityMind

IdentityMind, creator of Trusted Digital Identities (TDIs), offers a SaaS platform for online risk management and compliance automation. We help companies reduce client onboarding fraud and transaction fraud, and improve AML, sanctions screening, and KYC. IdentityMind continuously builds, validates and risk scores digital identities through eDNA technology to ensure global business safety and compliance from customer onboarding and throughout the customer lifecycle. We securely track the entities involved in each transaction (e.g. consumers, merchants, cardholders, payment wallets, alternative payment methods) to build payment reputations, and allow companies to identify and reduce potential fraud, evaluate merchant account applications, onboard accounts, enable identity verification services, and identify potential money laundering. For more information, visit IdentityMind on Web, Twitter, LinkedIn, Facebook, Instagram, Blog, and Google My Business.

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