Solution

After the first demonstration with the Parfrey Murphy partners and team, it was clear the efficiency and accuracy that ID-Pal would bring to their KYC and AML process was invaluable and would grow with the business. In terms of Customer Due Diligence or CDD, having a report produced automatically and available to access at all times saves time and money and means Parfrey Murphy is now always audit-ready. The Parfrey Murphy team didn’t need to bring in external technical support to integrate with ID-Pal. The process was done in a day without additional spend on integration.

The key problems that ID-Pal solved for Parfrey Murphy is that of complexity, risk and time. Using ID-Pal allowed Parfrey Murphy to free up resources and give time back to business growth activity. This team had previously allocated time across several team members weekly to their AML and KYC process. Maintenance, tracking and the follow up process took time and resources.

Now when Parfrey Murphy customers onboard new clients or remind clients to update their documents that are now out of date, one person can send a link to download the ID-Pal app and upload documents. This has reduced their identity verification process to just minutes. Permitted users can navigate the portal and send a link to a customer to verify their identity.

After all checks have been completed within minutes, a full CDD report is automatically generated and stored in their business portal and always providing Parfrey Murphy with a robust audit trail.