Case Study: Beem boosts compliance efficiency with ComplyAdvantage

Beem boosts analyst efficiency and customer satisfaction with automated workflows

Beem, an Australian mobile payments app founded in 2017 and now part of Australian Payments Plus, needed a way to stay compliant with Australia’s strict regulatory and audit requirements while screening high volumes of customers. Before working with ComplyAdvantage, manual screening processes were creating alert backlogs, slowing customer onboarding and reducing customer satisfaction.

ComplyAdvantage implemented customer screening and transaction monitoring, with automated workflows via its RESTful API and a risk-based approach tailored to Beem’s needs. As a result, Beem reduced its match hit rate from 8% to 1.2%, cleared legitimate sanctions hits within one working day, improved onboarding speed, and increased overall AML program efficiency by 10%.

Beem

Jason Backhouse

General Manager Open Payments