GoldTier to Provide Strategic KYC Client Onboarding Solution for WestLB.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- WestLB AG, one of Germany's leading financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. providers today announced that they have selected GoldTier, a provider of proven 'Know Your Customer' (KYC KYC Know Your Customer KYC Know Your Client ) Compliance Solutions, to provide their strategic KYC client onboarding system. Increasing regulatory pressures continue to drive financial institutions to centralize cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. business processes with respect to the onboarding of new clients and the associated KYC, documentation, and client data management. Historically, financial institutions approached these challenges on a reactive basis, addressing weaknesses in their process only once audit problems arose. GoldTier specializes in providing a proactive remedy to these pressures. WestLB's goal is to enhance existing client services and streamline new account opening by centralizing key onboarding and compliance operations, and embedding controls within these operations. GoldTier's rich out-of-the box functionality, which is required to rapidly implement WestLB's vision, will empower WestLB to improve service levels and streamline operations while ensuring regulatory compliance across their client base. It will be deployed across front, middle and back office personnel, offering a transparent view to their client base and account request status across these teams. "GoldTier will be used across multiple legal entities of WestLB's institutional business for managing the onboarding of new clients, from the inception of requests in the front office through the KYC due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and account setup in the back office," explained Pino Vallejo, Head of New York Operations. "It will accommodate the distinct policies of WestLB's businesses while sharing client data and documentation across the platform." "We are excited that WestLB has recognized the value of the out of the box functionality, business rule and process templates that GoldTier offers," said Matthew Tebaldi, Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , GoldTier. "One of the key challenges financial institutions face is the translation of regulatory guidelines into policy. We continue to work with industry leaders such as HSBC HSBC Hongkong and Shanghai Banking Corporation HSBC Humane Society of Broward County (Florida) HSBC Humane Society of Bay County (Bay County, Michigan) and WestLB to embed best practice policies into the GoldTier product offering. These templates and best practices not only add value to all GoldTier clients, but also form the basis of what will become industry-accepted standards for how to effectively manage KYC and client onboarding." About WestLB AG WestLB AG is a European wholesale and commercial bank with firm roots in North Rhine-Westphalia North Rhine–Westphalia (nôrth rīn-wĕstfāl`yə), Ger. Nordrhein-Westfalen (nôrt`rīn-vĕst'fä`lən), state (1994 pop. 17,759,000), 13,111 sq mi (33,957 sq km), W central Germany. , Germany[sup.3]s most densely populated pop·u·late tr.v. pop·u·lat·ed, pop·u·lat·ing, pop·u·lates 1. To supply with inhabitants, as by colonization; people. 2. federal state. With Group total assets of [euro] 292 billion as of September 30, 2006, it is one of Germany[sup.3]s leading financial services providers. It is the central institution for the roughly 125 savings banks in North Rhine-Westphalia and Brandenburg, serving more than 11.5 million clients, and as an internationally operating commercial bank it acts as their link to the global financial markets. Working in close partnership with the savings banks, WestLB offers the full range of products and services of a universal bank, focusing on lending, structured finance, capital market and private equity products, asset management, transaction services and real estate finance. WestLB AG is rated A1 by Moody's, A- by Standard & Poor's and A by DBRS DBRS Dominion Bond Rating Service . About GoldTier GoldTier is a provider of proven KYC Compliance Systems and is quickly emerging as the standard for Client Onboarding. GoldTier's cutting edge technology enables rapid customization of the system to meet clients' unique requirements during implementation and aggressively address new and evolving business challenges. GoldTier can be found online at http://www.goldtier.com. |
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