iyzico Enhances Compliance with LexisNexis® WorldComplianceTM Online Search Tool
Company Size
200-1,000
Region
- Europe
Country
- Turkey
Product
- LexisNexis® WorldComplianceTM Online Search Tool
- LexisNexis® Risk Solutions
Tech Stack
- Integrated Technology
- Expansive Data Resources
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Customer Satisfaction
- Digital Expertise
Technology Category
- Application Infrastructure & Middleware - Data Exchange & Integration
- Application Infrastructure & Middleware - Data Visualization
Applicable Industries
- E-Commerce
- Finance & Insurance
Applicable Functions
- Business Operation
- Quality Assurance
Use Cases
- Fraud Detection
- Regulatory Compliance Monitoring
Services
- Data Science Services
- System Integration
About The Customer
iyzico is a Turkish fintech and payments leader that provides a secure payment management platform to online companies across various industries. The company is known for developing innovative solutions tailored for the e-commerce market and handles both local and cross-border payments. As a prominent player in the fintech sector, iyzico is committed to ensuring compliance with regulatory standards while maintaining a seamless customer experience. The company’s focus on security and compliance is critical in the online payment sector, where timely and robust decision-making is essential to combat financial crime and meet regulatory requirements.
The Challenge
The recent tightening of regulatory screening in Turkey has affected a wide variety of business areas, especially in the IT and data management sector. In order to comply with new KYC guidelines, iyzico needed to build out their practices and to develop sophisticated compliance procedures in line with Turkish regulations. iyzico started using LexisNexis® WorldComplianceTM Online Search Tool in June 2017 to fulfill its compliance responsibilities. By employing LexisNexis® Risk Solutions’ integrated technology and expansive data resources, iyzico has access to one of the industry’s most extensive databases that provides information on individuals and organizations in more than 50 risk categories, including Foreign Officials, Sanctions and State Owned Enterprises. iyzico is now able to manually screen prospective clients against global sanctions lists and perform enhanced due diligence with more than 2.5 million profiles that are updated daily by a global network of analysts.
The Solution
By integrating WorldCompliance Online Search Tool into their daily work routines, iyzico has the appropriate systems and controls in place to manage risk quickly and efficiently. WorldCompliance Online Search Tool enables iyzico to perform initial due diligence by screening potential clients and business partners, and also meet worldwide compliance and regulatory standards. The tool provides access to a comprehensive database that includes information on individuals and organizations in over 50 risk categories. This integration allows iyzico to gain a holistic view of customers and prospects, which is vital for making informed decisions in the online payment sector. The compliance team at iyzico can now make timely and robust decisions, ensuring that they meet compliance regulations while maintaining a high level of customer experience.
Operational Impact
Quantitative Benefit
Case Study missing?
Start adding your own!
Register with your work email and create a new case study profile for your business.
Related Case Studies.
Case Study
Real-time In-vehicle Monitoring
The telematic solution provides this vital premium-adjusting information. The solution also helps detect and deter vehicle or trailer theft – as soon as a theft occurs, monitoring personnel can alert the appropriate authorities, providing an exact location.“With more and more insurance companies and major fleet operators interested in monitoring driver behaviour on the grounds of road safety, efficient logistics and costs, the market for this type of device and associated e-business services is growing rapidly within Italy and the rest of Europe,” says Franco.“The insurance companies are especially interested in the pay-per-use and pay-as-you-drive applications while other organisations employ the technology for road user charging.”“One million vehicles in Italy currently carry such devices and forecasts indicate that the European market will increase tenfold by 2014.However, for our technology to work effectively, we needed a highly reliable wireless data network to carry the information between the vehicles and monitoring stations.”
Case Study
Safety First with Folksam
The competitiveness of the car insurance market is driving UBI growth as a means for insurance companies to differentiate their customer propositions as well as improving operational efficiency. An insurance model - usage-based insurance ("UBI") - offers possibilities for insurers to do more efficient market segmentation and accurate risk assessment and pricing. Insurers require an IoT solution for the purpose of data collection and performance analysis
Case Study
Smooth Transition to Energy Savings
The building was equipped with four end-of-life Trane water cooled chillers, located in the basement. Johnson Controls installed four York water cooled centrifugal chillers with unit mounted variable speed drives and a total installed cooling capacity of 6,8 MW. Each chiller has a capacity of 1,6 MW (variable to 1.9MW depending upon condenser water temperatures). Johnson Controls needed to design the equipment in such way that it would fit the dimensional constraints of the existing plant area and plant access route but also the specific performance requirements of the client. Morgan Stanley required the chiller plant to match the building load profile, turn down to match the low load requirement when needed and provide an improvement in the Energy Efficiency Ratio across the entire operating range. Other requirements were a reduction in the chiller noise level to improve the working environment in the plant room and a wide operating envelope coupled with intelligent controls to allow possible variation in both flow rate and temperature. The latter was needed to leverage increased capacity from a reduced number of machines during the different installation phases and allow future enhancement to a variable primary flow system.
Case Study
Automated Pallet Labeling Solution for SPR Packaging
SPR Packaging, an American supplier of packaging solutions, was in search of an automated pallet labeling solution that could meet their immediate and future needs. They aimed to equip their lines with automatic printer applicators, but also required a solution that could interface with their accounting software. The challenge was to find a system that could read a 2D code on pallets at the stretch wrapper, track the pallet, and flag any pallets with unread barcodes for inspection. The pallets could be single or double stacked, and the system needed to be able to differentiate between the two. SPR Packaging sought a system integrator with extensive experience in advanced printing and tracking solutions to provide a complete traceability system.
Case Study
Transforming insurance pricing while improving driver safety
The Internet of Things (IoT) is revolutionizing the car insurance industry on a scale not seen since the introduction of the car itself. For decades, premiums have been calculated using proxy-based risk assessment models and historical data. Today, a growing number of innovative companies such as Quebec-based Industrielle Alliance are moving to usage-based insurance (UBI) models, driven by the advancement of telematics technologies and smart tracking devices.
Case Study
Digital Transformation of Atlanta Grout & Tile: An IoT Case Study
Atlanta Grout & Tile, a Tile, Stone & Grout restoration company based in Woodstock, Georgia, was facing challenges with its traditional business model. Despite steady growth over the years, the company was falling behind the web revolution and missing out on the opportunity to tap into a new consumer base. They were using independent software from different vendors for each of their department information and workforce management. This resulted in a lot of manual work on excel and the need to export/import data between different systems. This not only increased overhead costs but also slowed down their response to clients. The company also had to prepare numerous reports manually and lacked access to customer trends for effective business decision-making.
