FINTRAIL assisted a UK-based e-money firm to select the right ID&V vendor, enabling them to proceed with their product launch roadmap and go-to-market strategy
Context
FINTRAIL was engaged by a UK e-money institution to conduct a formal selection process for a new identification and verification (ID&V) vendor. The client needed a vendor for a specific product use case and also to support future product expansion across the EU. The vendor selection process had to be completed in a three week window, from initial scoping of requirements to final recommendation of a vendor.
Solution
FINTRAIL created a set of 40 requirements and 16 performance metrics, based on features of the specific product use case, the firm’s existing financial crime requirements, and UK/EU regulatory requirements.
FINTRAIL created a bespoke weighted scoring methodology to allow for comparison between vendors and to identify the best solution for the client’s specific circumstances.
We then convened workshops with each vendor to test their capabilities in detail, and produced a presentation for the client which explained the strengths and gaps of each vendor.
Finally, FINTRAIL created a testing methodology for the client to use as part of integration with the selected vendor.
Outcome
✓ The successful engagement, conducted in three weeks, enabled the client to stick to a strict product launch roadmap and go-to-market strategy
✓ FINTRAIL’s final advice identified the single ID&V vendor that would meet the client’s current and future ID&V needs
Why FINTRAIL?
FINTRAIL has helped firms in jurisdictions around the world select and integrate with technology providers. We have assisted some of the world's most innovative financial service providers operating across six continents to develop and accelerate new products to market.
We promote the innovative use of technology and data, and leverage compliance innovations and products that maximise efficiencies and effective risk management controls for our clients. Our team of SMEs has worked in the industries we support and we understand our clients’ unique requirements and specific product offerings.
We have experience assisting compliance vendors with product development and are very aware of the strengths and weaknesses of different financial crime compliance products.