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LAB Group Integrates with CreditorWatch to Automate Complex Due Diligence in Digital Onboarding

7 May 2024 1:44 PM | Anonymous

7 May 2024, Sydney, Australia – LAB Group, a leading international RegTech and Australia’s best-connected onboarding provider, is pleased to announce that it has delivered a new integration partnership with CreditorWatch to provide upgraded complex due diligence capabilities to all members of the LAB Network. 

LAB is leveraging CreditorWatch’s unique and comprehensive registry and credit risk data to deliver key automation and risk mitigation features into its digital onboarding and client lifecycle platform. 

The partnership has already resulted in the incorporation of UBO discovery into LAB’s digital onboarding experience for an enterprise customer, resulting in uplifted straight-through processing and countless hours saved in back-office checks. This solution also significantly reduces manual keying by the applicant, speeding up onboarding and improving accuracy. 

LAB has also recently commenced the rollout of a solution to continuously monitor for key risk indicators in its customer’s investor bases through their engagement lifecycle. This is enabled by CreditorWatch’s access to more than 50 public and private data sources, including ASIC lodgements, ATO debt records, ABR data and trade payment defaults. 

CreditorWatch’s platform is now integrated with LAB Verify, which orchestrates verification directly within the digital onboarding journey and throughout the client lifecycle. Having direct integration with the CreditorWatch platform empowers LAB Group customers to make better informed risk decisions and drive further efficiencies across client lifecycle management requirements. 

Nick Boudrie, CEO and co-founder of LAB Group, said: 

“It’s been a pleasure to work with CreditorWatch who have helped LAB tailor solutions to address our customer’s unique problem statements. This integration upgrades our capabilities to meet the needs of organisations with complex due diligence requirements, leveraging CreditorWatch’s specialist expertise in business data and the robustness of its infrastructure.  

“By expanding our LAB Verify capability, this integration allows us to help our financial services customers to meet their regulatory obligations and mitigate operational risk while also achieving a reduction in manual back-office overhead. We’re excited to help broaden the audience that CreditorWatch can reach, while bolstering the capabilities that LAB Group can offer to its existing and new customers.” 

CreditorWatch CEO and co-founder, Patrick Coghlan, said: 

“We are always excited to work with businesses that are as innovative and committed to improving the customer experience as LAB Group. The synergies between our businesses will most definitely result in some very exciting outcomes. We look forward to contributing to the next stage of LAB Group’s evolution through the provision of our unique data.” 

For all media enquiries, please contact: 

Tim Dohrmann, NWR Communications 
Phone: +61 468 420 846 
Email: tim@nwrcommunications.com.au 

About LAB Group 
Where welcome onboard begins. 

LAB is a RegTech providing an innovative customer lifecycle management platform that revolutionises the customer journey from the very first steps, fulfilling AML/CTF regulatory obligations and multi party consent whilst saving time and resources by providing a high degree of automation for account creation, remediation and ongoing customer due diligence processes. 

The LAB platform welcomes tens of thousands of people into hundreds of financial product offerings across over 15 industry verticals, matching applicants with a vast array of market offerings. 

Connect to more people in more places. 
Connect into the LAB Network that leverages strategic partnerships and integrations to enhance product origination and distribution. 

Hundreds of regulated entities around the globe connect through the LAB Network to accelerate customer registration, reduce onboarding time, increase security, and achieve higher completion rates. 

The leaders in secure onboarding. 
LAB’s continually advancing platform empowers our businesses to stay ahead of rapidly changing compliance regulations and evolving customer experience expectations. 

Our hosted solution   provides a fully compliant, end-to-end, multi product digital onboarding process for both simple and complex entities. LAB seamlessly connects and orchestrates digital client acquisition, corporate and ID verification, workflow management, fraud protection and compliance services on a single platform. 

Become part of the most connected digital onboarding platform. 
With LAB’s unmatched connectivity, we get you to market sooner through our sector-agnostic integrations and transformational data automation. 

Discover more at https://labgroup.com.au/ 

About CreditorWatch 

CreditorWatch, is a leading Australian data and tech company that provides businesses with access to unique data to help them manage credit risk exposure. 

Over 60,000 Australian businesses rely on CreditorWatch – more than twice as many as any other bureau in Australia – to confidently manage their commercial relationships, improve productivity and reduce financial risk. Its platform captures all the traditional high-risk events that large enterprise and financial service providers need to know about – including court judgments, bankruptcies, insolvencies and other adverse risk indicators – from public data sources including ASIC, ABR, AFSA, ATO and the Australian courts.