WealthXcel

WealthXcel is a suite of services offered by Tiller Technologies Limited that aims to assist businesses in managing and verifying client data, conducting due diligence checks, and streamlining account creation processes. According to the vendor, this digital onboarding solution automates the ID&V, KYC, and AML compliance processes for regulated businesses. It is designed for small to large companies and organizations in various professions and industries such as financial services, banking, insurance, wealth management, compliance and risk management, legal services, and trust and fiduciary services.

Key Features

Bank Check: According to the vendor, WealthXcel offers a Bank Check service that allows businesses to locate and verify client banking information in real-time. It confirms the client's account number, sort code, and bank account ownership within seconds, aiming to streamline the account setup process and reduce the risk of errors.

Data Monitor: WealthXcel includes a Data Monitor service that conducts regular automated checks of all client records, aiming to ensure that the client data held by the business is correct, complete, and up-to-date. The service is said to automatically trigger requests for clients to re-submit information if any expired or changed data is detected, helping businesses maintain accurate and current client information.

Account Creation: The vendor states that WealthXcel provides an online secure Account Creation service, allowing clients to create profiles, view, and update their data without any action required from the business. This service aims to enable remote sign-up, eliminating paperwork, postage, and in-person interactions, enhancing the client experience and giving them control over their account creation process.

PEP Check: WealthXcel offers an Advanced online international PEP and sanctions check service, aiming to automatically check clients against hundreds of government sources and international watchlists. This feature is intended to help businesses identify potential high-risk individuals and businesses quickly and accurately, ensuring compliance with regulations and reducing exposure to risk.

Attitude to Risk: The vendor claims that WealthXcel includes an Attitude to Risk service that helps businesses assess and understand a client's risk tolerance. It is designed to provide insights into a client's risk profile based on their responses to risk assessment questionnaires, enabling businesses to tailor their services and recommendations accordingly. This feature aims to enhance the suitability of investment and financial planning advice.

Address Check: WealthXcel offers an Address Check service that aims to verify the accuracy and validity of client addresses in real-time. According to the vendor, this service helps businesses avoid potential fraud and ensures that communications reach the intended recipients, improving data quality and reducing the risk of miscommunication.

Suitability: According to the vendor, WealthXcel provides a Suitability service that helps businesses assess the suitability of investment products for clients. Taking into account factors such as client preferences, risk tolerance, and financial goals, this service aims to enable businesses to make informed recommendations and ensure that investments align with client needs.

Client Portal: WealthXcel includes a Client Portal that allows clients to access their account information and interact with the business. The vendor claims that this secure and convenient platform enables clients to view their data, statements, and reports, communicate with their advisors, and access relevant information at their convenience, enhancing the client experience and fostering transparent communication.

Identity Check: According to the vendor, WealthXcel provides real-time remote identity verification and ID document capture, aiming to speed up ID checks. It allows for the verification of government IDs from over 173 countries, with biometric photo ID-matching against live camera capture. This service is said to help reduce exposure to high-risk individuals and businesses with advanced online international PEP and sanctions checks.