Modulbank White Business

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2023: Service restart

In April 2023, Modulbank restarted the White Business service, which makes an automatic assessment of the risks of blocking an account. The service began to work more accurately and makes it possible to check not only your company, but also counterparties.

Now White Business works on advanced machmachine learning, takes into account more criteria when assessing risks, is better oriented in the types and patterns of transactions and even partly understands the context in which an entrepreneur works. This became possible thanks to the accumulated expertise and the amount of data collected over several years.

The White Business service allows an entrepreneur to look at his business through the eyes of the financial monitoring banking service and understand what parameters should be optimized so as not to fall into the field of attention of the tax service, the Central Bank or other controlling organizations, which means avoiding account blocking and additional business checks. By the same parameters, you can check your counterparties.

The first version of the service was launched in 2015, as of April 2023, tens of thousands of entrepreneurs already use it. The algorithm is constantly being refined to meet current regulatory requirements. In 2022, he included a fresh package of updates from the Central Bank, including the requirements of the Traffic Light system. The core of the White Business is the FBR algorithm, developed by AML Technology. In total, the FBR includes 12 modules. White Business uses three of them: monitoring and verification of operations, KYC and billing.

The first module checks each operation and digitizes the transaction profile taking into account each operation. With its help, the bank can receive and evaluate information about the tax burden, the presence or absence of economic payments and their share in total expenses, the ratio of transfers to individual accounts and cash withdrawals to turnover, and more than 200 different indicators.

The KYC (know your clients) module allows you to collect additional data about the client from 50 + sources and check them against a pre-configured decision strategy. The billing module allows you to set individual limits and rates.

We combined the monitoring and verification algorithm with billing elements and KYC and received technology that can automatically evaluate the client's profile, classify it according to the Central Bank's approach and inform him about risks depending on the transaction profile, "said Alevtina Efimova, member of the board of Modulbank, leader of the risk management group group.