Accelerating global growth through swift and adaptable consumer verification processes, facilitated by Tala.
In a bid to streamline its compliance processes and improve operational efficiency, financial platform Tala has partnered with ComplyAdvantage. The partnership has enabled Tala to approve lending applications more quickly, grow its customer acquisition rate, and maintain a strong culture of compliance.
Tala, based in Santa Monica, operates across three continents and has deployed over $6 billion in credit to over ten million customers. To meet its compliance and business objectives, Tala needed a solution with automation capabilities, user-friendliness, flexible screening, scalability, and robust compliance with regulatory requirements.
ComplyAdvantage's automated ongoing customer monitoring has eliminated the need for fixed re-screening processes, providing Tala with a unified platform for reviewing customer risks, case decisions, and performance analytics. This integration has improved analyst productivity and decision-making, allowing Tala to focus on its core business.
Advanced search techniques used by ComplyAdvantage go beyond simple text-matching, ensuring the accuracy of alerts and reducing false positives. Entity resolution and entity clustering have played a significant role in this, optimising the accuracy of alerts and minimising the remediation times for Tala.
ComplyAdvantage's solution is used by Tala for screening customers against sanctions lists, watchlists, adverse media, and politically exposed person (PEP) information. Alert prioritisation ensures compliance analysts' time is spent efficiently on high-risk cases.
Scenario optimization ensures risk frameworks reflect evolving financial crime typologies, providing Tala with a dynamic and adaptable solution. ComplyAdvantage's ability to support business outcomes through low-latency customer screening, global data coverage, and an intuitive user interface were standout features.
The partnership has also provided Tala with ongoing customer support, regulatory expertise, and a deep understanding of Tala's risks and business model, particularly during Tala's expansion into the Philippines. This ongoing support continues to save Tala's compliance team significant time across its day-to-day operations.
Shellie Schumaker, VP of Global Compliance at Tala, recommends ComplyAdvantage as a viable solution for AML screening to other companies. The partnership has significantly improved Tala's operational efficiency, allowing it to focus on its mission of providing financial services to underserved populations around the world.
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