Bi-directional integration of the EVS and Skience platforms allows for Wealth Management Firms and RIAs to run automatic compliance checks at account opening.
Herndon, VA, March 29th, 2022 – Skience, a leading financial services solution and consulting provider, has partnered with Electronic Verification Systems (EVS), an industry-leading provider of reliable data and fraud prevention services, to streamline its award-winning new account opening process enabling compliance checks to be performed more effectively.
This integration will enable the Office of Foreign Assets Control (OFAC) checks to be conducted at the point of new account opening, allowing firms to be more proactive in their compliance duties. Most firms perform these checks after an account has been opened through their custodial partner or manually by internal staff. The new partnership is bi-directional, allowing EVS users to access these services through the firm’s contract with Skience rather than going through an additional third-party vendor.
“As a company that helps wealth management firms remain in constant compliance with a wide array of ever evolving regulations, our mission is to deliver peace of mind so that our customers can focus on want they do best – serving their clients,” said Eric Knapp, President of EVS. “Paired with Skience’s Wealth Management Industry award-winning new account opening service, this new partnership will substantially enhance the efficiency advisors can achieve.”
This exciting new account opening solution is designed to improve advisor productivity by reducing data entry efforts while increasing accuracy. As part of the account opening solution, time can be saved through diligently maintaining compliance standards and requirements with a wide range of regulations, increasing operational efficiency, and streamlining vendor management.
“This integration enhances the new account opening process in a seamless, compliance-friendly manner,” said Skience Chief Product Officer, Christopher Zuczek, “We know just how complex and tedious the vendor legal review process can be, but that’s because of just how important it is. Our integration will allow firms to minimize risk while streamlining the process of onboarding new clients.”
The EVS bi-directional integration complements Skience’s recent launch of its Surveillance Solution that allows for easy collaboration along with quick and seamless regulatory adaptation.
Skience delivers innovative digital strategies and solutions that transform businesses. Skience offers consulting services and an award-winning integrated platform that provides wealth management firms and RIAs an efficient way to unify their technology, increase back-office and advisor productivity, and set the stage for a great client experience. The Skience platform features a streamlined, end-to-end client onboarding and new account opening experience, deep integrations with leading custodial and clearing firms, compliance features, and daily data consolidation. Skience received a 2020 Technology Provider award from WealthManagement.com, a 2020 American Business Awards® Silver Stevie® award for fintech solutions, and was a Northern Virginia Technology Council Tech 100 honoree in 2019 and 2020. Visit Skience.com to learn more.
Electronic Verification Systems (EVS) is a leading provider of fraud prevention and identity verification solutions. Through its robust product offerings, EVS is designed to help businesses quickly, effectively, and accurately verify individuals are who they claim to be and can integrate into a business’s existing processes to help combat identity theft, prevent underage sales, control costs, satisfy governmental regulation, and support audit and control requirements. With clients in the financial services, age-restricted retail, online gaming, insurance, and tax industries, Electronic Verification Systems provides powerful and innovative solutions to businesses of all sizes.