LAB Group integrates with CreditorWatch to automate complex due diligence in digital onboarding

LAB Group integrates with CreditorWatch to automate complex due diligence in digital onboarding

LAB Group, a leading international RegTech and Australia’s best-connected onboarding provider, have announced 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.”