Through a single API into our platform we provide access to a powerful and growing network of dozens of global 3rd party data/service providers. Sphonic’s WFM (Workflow Manager) utilizes the 3rd party data in combination with client data to create workflows to automate or improve any current data driven process or decision. Sphonic's Analytics Manager combines and compares historical data to greatly enhance fraud rule effectiveness. This happens outside of the existing technology stack, removing the need for ongoing/future development resources, and feeds the results back into your existing systems. Common examples are: automated KYC or KYB processes to speed onboarding or meet regulatory requirements; identity & verification processes for account applications; completion of a 'digital picture' of customers to augment fraud prevention measures.
The Sphonic network currently includes over 50 vendor services providing ID&V (identity and verification), AML, PEP & Sanction screening. Sphonic normalizes all data on the back-end, allowing clients to test competing vendors to find the one or ones that provides the best results for their business without the need to change internal systems.
Sphonic is vendor agnostic, making no revenue from their use, giving clients the freedom to choose the vendor which provides the best results in a particular market, and allowing the creation of workflows which utilize vendor data only when necessary and appropriate, lowering OPEX costs.
Sphonic provides expert resource experience in delivering fraud risk management, KYC/KYB, and AML strategies for merchants and financial institutions, delivered through technology.
Sphonic has several clients in the financial services, retail, and eComm industries, providing a variety of risk related services.