Price your respondents' transaction fees based on financial crime risk.
With Risk Pricing for correspondent banking, you'll create new revenue streams and offset management costs, all while incentivising your banking partners to upgrade their financial crime risk programmes.
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Data-driven prices to incentivise better financial crime controls.
Gain a detailed overview of the risk profiles and institution scores of your portfolio banks. Apply pricing according to your respondent's risk profile.
Customise and set different levels of risk tranches, based on your institution's own risk appetite and risk tolerance.
Determine reliable and accurate pricing results based on quality assured risk data. Gain clarity with a standardised benchmark.
In the current system, correspondent banks charge respondents according to transaction volume, regardless of their risk exposure. As the transaction volume increases, the fee per transaction decreases.This means that banking partners are not incentivised to upgrade their financial crime controls for high-risk transactions. Therefore, financial crime continues to persist and financial institutions must bear the financial crime risk others impose on them.
With Elucidate's Risk Pricing, your institution is provided with data-driven pricing assessments based on the risk score of banks in your portfolio.
The result? You can be transparent about pricing with your respondents, provide indications for risk remediations, and reduce financial crime risk in your portfolio by allocating risk costs to the point of origin.
Elucidate is the data analysis and ratings company for financial crime risk, headquartered in Berlin, Germany. Its mission is to create a market infrastructure for how public and private institutions make decisions about financial crime and manage it; developing products for them to establish, manage, and delight their business relationships.