Right out of the box, Next takes in statements from 600+ banks in any format (paper, PDF, XML, and EDI) and extract transaction data fast and accurately into a unified format ready to update any KYC (Know Your Customer) system in place.
Next extracts all the data you need. Not just a field or two. Say goodbye to manual typing.
Whenever banks change their formats or layouts or new banks appear we update Next.
Once profiled, statements from a new bank are processed just like all other statements. Efficient and accurate.
Next has standard interfaces to most existing KYC and financial systems in the industry, and an open API-based architecture to accommodate the rest.
Transactions enter untouched by man. Throughput is increased. Errors are reduced dramatically.
Once data is extracted, the documents (or a readable electronic copy) are automatically stored in Next or any other document archive you already have in place.
To be kept on records for 5, 10, or 25 years depending on local legislation.
With everything stored in a central archive you can purge the original documents and access an entire customer binder or just selected documents directly from within your KYC system.
If needed a copy can be produced within seconds.
Access from anywhere, anytime. On the next floor, down the street, or across the globe.
With Next in place it’s much easier to comply with both money laundry legislation and internal compliance rules. You define the documents to be inspected and the Next workflow takes over.
Everythings is fully documented at all times and the compliance office can work unrestricted by time and geography.
Documents in Next are protected by rule-based permissions and authorizations. And an automatic bulletproof audit log documents everything down to the second. You may add 128 bit encryption to each individual document.
Having your documents in an electronic archive keeps them just as safe as your other valuable business data.
Next Bank Statements has become the de facto industry standard among trustees in Lichtenstein.
Great technology and industry know-how are a winning combination for securing the profits in the asset management business.