Client entity verification
Case study

Global bank revolutionizing KYC
with Moody’s Entity Verification API, enhancing
Master Data Management and operationaleﬃciency
About our global banking client
This client is a global leader in the financial world, providing banking, personal
investment, and corporate business management services to the world’s biggest
companies, governments and international organizations.
Innovating in banking for more than 150 years, the institution offers all-roundassistance in every major city. Today, this financial institution continues to develop
and maintain innovation and award-winning services to suit every type of banking
need for a world of customers.
Entity Verification for Master Data Management
This global banking customer needed a modernized automated Entity Verification andMaintenance solution to serve its investment and commercial banking divisions betterand faster. Its legacy solution presented data quality issues preventing the bank from
implementing an optimal straight-through processing (STP) validation process toimprove the entire workflow.
It was essential the entity verification solution formed the foundation of the bank’sclient reference data system. The process of automatically validating the identity andauthenticity of legal entities was central to its KYC and onboarding processes, part ofits wider compliance and risk management strategy. In addition, the trusted entity
verification data also needed to augment “Golden Records” for the bank’s clients
across the wider business; both for compliance and non-compliance related customer
engagement strategies.
A lot of human effort was needed to capture, cleanse, and reconcile the data needed,which was being done in multiple silos across multiple teams, which wasn’t efficientor cost effective. This disparate, manual effort inhibited oversight and meant thecontinued effort to maintain records within reasonable cost and timeframe wasunachievable.

489 million
Global companies withcurated risk data

100%
Improvement in straightthrough processing+75%
Fully automated entity
verification

One API
For all entity verification data
feeding into Golden Records

The master data management challenge
The bank’s existing entity verification data solution couldn’t offer sufficient data, scalability, orintegration in an efficient, unified way. The customer needed a single, trusted, global source forchecking registries and accessing risk-relevant data to confirm the legitimacy of counterparties itplanned to work with. Moreover, the bank needed an efficient way to monitor their client data forchanges and refresh the data.
The solution also needed to maximize automation and to execute at scale, with future plans forongoing refresh of the entity verification data on a perpetual basis.

Client entity verification
Case study

A trusted, unified data solution
The bank chose to implement Moody’s Entity Verification API as a game-changer to the way
entity data was accessed and integrated for KYC and onboarding, while making it part of masterdata management.
Through a single source, the Entity Verification API enables the customer to access entity datafrom Moody’s comprehensive global risk database, with curated details on over 489 million global
companies, as well as real-time, audit-proof details through a network of direct connections tocommercial registers in more than 200 countries.
Now, our client has a configurable data solution that can be used to support onboarding andperpetual KYC as part of client lifecycle management in an automated way, fully integrated into
its workflows, feeding into master data management. Moody’s is contributing to “GoldenRecords” for the bank’s customers, which can be accessed by different departments anddivisions across the business who also want to make better, data-driven decisions.
The benefits and outcome
The bank’s KYC and onboarding team is performing a regulatory function with its entity
verification process. They are accessing and reconciling valuable data that can be leveraged byother departments, removing silos, augmenting Golden Records, and enabling cleansed data tobe used without duplicating effort.
→ Cost reduction of million dollars in data checks by displacing existing vendors→ Doubling the rate of automated matches at onboarding and fewer resources needed tocomplete manual data investigations→ Removal of costly remediation projects as data can be refreshed automatically through
Moody’s Entity Verification API→ Simplification of technology architecture and lower cost of maintenance with one API for live
and curated entity data
→ Transparency of data sources from primary registry and Moody’s data sources“We are excited to work with this global banking institution to oﬀer entity
verification data that underpins its master data management. Moody’s has beenchosen due to our ability to deliver Entity Verification on a global scale via asingle API. Our solution is flexible, scalable, and oﬀers a perpetual view on
counterparty risk for the bank’s KYC and onboarding processes, and beyond.”
Keith Berry, General Manager, Compliance and Third-party Risk Management Solutions
CONTACT US
For more information about how Moody’s Entity Verification API could support your organization,please get in touch.
www.moodys.com/kyc