FOCAL by Mozn is a Saudi company that leverages AI technology to address the complexities of AML compliance, Risk Management, and Fraud Prevention in emerging markets. The platform offers a wide range of solutions tailored to different types of institutions, including financial institutions, banks, insurance companies, investment firms, and fintechs. Its adaptable nature allows it to meet the unique needs and compliance requirements of these sectors.
FOCAL primarily focuses on enhancing operational efficiency and decision-making processes to combat financial crime, providing real-time insights and automation to streamline compliance procedures.
FOCAL platform enables:
1. Customer Due Diligence
FOCAL offers fully customizable processes, allowing users to tailor onboarding pathways and thresholds to meet their unique needs and cater to different customer segments. The platform automates the onboarding process, ensuring a journey that is both swift and secure.
Additionally, FOCAL detects high-risk customer entities with daily ongoing screening against over 1,300 sanctions, PEP, RCA, and adverse media watchlists. It also offers customer risk scoring during onboarding to assess risks and improve decision-making and compliance.
2. Verification
FOCAL enables financial institutions to ensure the accuracy of customer information by verifying details such as addresses, IBANs, national IDs, and commercial registration numbers against trusted sources like government registries and official databases.
By utilizing authoritative resources, FOCAL enhances the integrity of the verification process. It also provides financial institutions with real-time access to comprehensive income data, streamlining the verification process.
3. AML Compliance
FOCAL enables financial institutions to ensure regulatory compliance and efficient operations with seamless deployment. The platform helps reduce false positives, save time, and focus on real threats with efficient and precise monitoring.
FOCAL ensures compliance with regulatory requirements, protecting business reputations from potential fines and penalties. It also prevents suspicious activities and transactions in real-time, safeguarding businesses from money laundering.
4. Fraud Prevention
FOCAL provides a proactive defense by blocking high-risk connections, such as VPNs and hosting services, to prevent fraud and minimize threats. It analyzes data in real-time to provide accurate Fraud Scores, ensuring continuous protection for businesses and customers.
Additionally, FOCAL identifies non-transactional fraud by using advanced device fingerprinting and behavior analysis to detect abnormal user behavior. Its plug-and-play fraud prevention system reduces fraud incidents swiftly with pre-established rules that are rigorously tested for battle-readiness.
5. Financial Insights
FOCAL enhances financial inclusion by analyzing a wide range of data points to provide a comprehensive view of customers, enabling financial services to reach a broader demographic, including the self-employed and those with thin files. By eliminating manual application processes and leveraging diverse data for inclusive lending decisions, FOCAL allows financial institutions to extend services to more individuals.
The platform also helps reduce default rates with its AI-powered Financial Insights solution, ensuring a secure and profitable lending journey. Additionally, FOCAL protects lending processes from fraud by using advanced AI algorithms to detect inconsistencies and red flags in loan application data, guaranteeing genuine and secure approvals.
Several factors distinguish FOCAL from its competitors. Firstly, its comprehensive approach covering both AML compliance and Fraud Prevention sets it apart as an all-encompassing solution. The suite’s focus on emerging markets reflects a commitment to addressing the unique challenges faced by institutions in these regions.
Additionally, FOCAL supports the Arabic language, which is greatly beneficial for financial institutions in the Middle East. Its user-friendly interface enhances usability, making it accessible to a wide range of financial professionals.
FOCAL has enabled numerous businesses to automate and streamline their processes. In a remarkable case study, Aseel, recognized as the pioneer in real estate crowd-investing in Saudi Arabia, reduced its onboarding time by over 87% through the implementation of FOCAL. This led to a 7.5x faster onboarding process, saving 14,450 hours of manual checks, and resulting in a 250% increase in the number of customers onboarded.
“FOCAL has proven to be an invaluable asset for us, resulting in more than an 87% reduction in our onboarding time and enhancing our operational efficiency. This has allowed us to easily onboard new customers and grow confidently.”
- Ali Alshamrany, Chief Operating Officer at Aseel
FOCAL is a valuable asset for businesses seeking efficiency and financial benefits, addressing key areas of cost reduction. By eliminating extensive manual identity verification processes, FOCAL significantly reduces labor costs and expedites decision-making.
Furthermore, its swift and accurate assessment of online verification enhances conversion rates, leading to more successful customer acquisitions with reduced abandonment rates. Acting as a strong defense against fraud, FOCAL quickly identifies fraudulent IDs, serving as a deterrent for potential fraudsters and safeguarding against risks. Overall, choosing FOCAL is a strategic move for businesses aiming to enhance operational efficiency and achieve long-term financial savings in emerging markets.
Clients utilizing FOCAL solutions can strategically enhance their onboarding and anti-fraud processes while also gaining valuable insights for more informed decision-making. Through its dashboard interface and API, FOCAL allows seamless management of the entire user journey and offers advanced analytics to pinpoint areas of conversion drop.
