LAB Group has announced that it has delivered a new integration with CreditorWatch to provide upgraded complex due diligence capabilities to LAB Network. According to the press release, 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.

Moreover, the statement continues to state that 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 hours saved in back-office checks. This solution also reduces manual keying by the applicant, speeding up onboarding and improving accuracy. LAB has recently started the rollout of a solution to continuously monitor for key risk indicators in its customer’s investor bases through their engagement lifecycle.

This initiative leverages CreditorWatch's access to over 50 data sources, encompassing both 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 is intended to enable LAB Group customers to make better informed risk decisions and drive further efficiencies across client lifecycle management requirements.

Officials from LAB Group commented that by expanding LAB Verify capability, this integration allows to help financial services customers to meet their regulatory obligations and mitigate operational risk while also achieving a reduction in manual back-office overhead. ‌ About LAB Group LAB is a regtech providing a customer lifecycle management platform that revolutionises the customer journey from the very first steps, fulfilling AML/CTF regulatory obligations and multi-party consent whilst saving time and resources by providing a high degree of automation for account creation, remediation and ongoing customer due diligence processes. The LAB platform welcomes tens of thousands of people into hundreds of financial product offerings across over 15 industry verticals, matching applicants with a vast array of market offerings.

About CreditorWatch CreditorWatch, is an Australian data and tech company that provides businesses with access to unique data to help them manage credit risk exposure. Its platform captures all the traditional high-risk events that large enterprise and financial service providers need to know about – including court judgments, bankruptcies, insolvencies and other adverse risk indicators – from public data sources including ASIC, ABR, AFSA, ATO, and the Australian courts. .