Case study: Covery helps GlobalNetInt automate transaction monitoring
Learn how Covery helped GlobalNetInt become one of the five most rapidly growing Lithuanian electronic money institutions (EMI), according to the Bank of Lithuania.
Covery helps GlobalNetInt automate transaction monitoring
The Bank of Lithuania has recently published an overview of the situation within the EMI/EPI (electronic payment institution) domain. While Revolut is definitely the market leader, one of Covery’s customers, GlobalNetInt is listed among the top five EMIs in Lithuania. Covery is proud to be a part of the reason for this achievement and would like to share how our services helped GlobalNetInt deliver more value to their customers.
The task at hand
As a fintech company and an EMI, GlobalNetInt provides online banking services for individuals and legal entities in Lithuania and across the EU. As the numbers of their customers grew, the need to automate the transaction monitoring became more and more obvious.
GlobalNetInt shortlisted Covery among several other companies. Our platform was selected due to offering the best price/quality ratio, as well as a wide range of services in addition to transaction monitoring automation. For example, Covery provides user screening against Dow Jones sanctions lists and enables video verification of end-users. This way, instead of using a variety of tools for every aspect of their operations, GlobalNetInt selected Covery to provide end-to-end risk management.
How Covery helped
During the implementation process, Covery helped GlobalNetInt to automate the SEPA/SWIFT payments monitoring in real-time. We also helped scale up their transaction processing by using configurable rules and scenarios to handle the most common cases, which greatly improved the decision-making speed.
Now, GlobalNetInt can provide all the needed reports to the Bank of Lithuania much faster, as Covery provides an option to export all the needed details for risky transactions using special datasets. To simplify remote data analysis and processing, Covery enables working with pre-redacted transaction reports, risk logic handling reports, transactions throughput and traffic reports.
The results
After Covery’s implementation, all the processes related to transaction monitoring became fully automated, which resulted in greatly increased transaction processing speed.
As of now, GlobalNetInt has to manually process only about 2-3% of all transactions. The remaining 97% of transactions are automatically processed against a set of rules within the risk logic engine, before being approved or rejected. This ensures rapid and precise decision-making while also opening capabilities for scaling up the client base.
Covery helped GlobalNetInt secure their bottom line and prepare for scaling up by automating one of the cornerstones of their operations – real-time transaction monitoring.
