Processa has been awarded a grant from Enterprise Estonia (EIS) and the Ministry of Economic Affairs and Communications to co-fund the development of a Real-time Economy solution, aimed at transforming Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance for the insurance industry.
The new solution, KYC FlowEngine, is designed for insurers, insurance brokers, and insurance agents who are required to comply with the Financial Supervision Act regarding KYC and AML regulations.
As of November 2024, the Estonian Financial Supervision Authority's market participant register included 10 insurers, nearly 40 insurance brokers, and over 300 insurance agents, all of whom must adhere to strict compliance requirements.
KYC FlowEngine will revolutionize compliance processes by automating risk assessments and enabling machine-readable data processing. The platform will leverage the Estonian Information System Authority (RIA) consent service, X-Road queries, and national and international databases, allowing for secure, real-time client identity verification and compliance monitoring. By analysing client data, including sanctions lists and potential risk factors, the solution will help prevent money laundering, corruption, and terrorism financing, ensuring a higher standard of regulatory adherence.
The KYC FlowEngine platform will enable insurers to streamline customer onboarding, reduce manual work, enhance data accuracy, and improve the overall compliance experience. By integrating real-time data processing with automated compliance workflows, KYC FlowEngine provides a secure, efficient, and future-proof solution that meets modern regulatory standards.The goal of Enterprise Estonia (EIS) grant is to support prototype developments for data exchange services or other machine-readable data reception and processing through customer knowledge.
KYC FlowEngine recieved 99 000€ co-funding grant for 198 000€ project to develop and implement the prototype during 2025.
