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Unit21 is a versatile software that has proven to be immensely helpful for businesses in overcoming various challenges related to data …
Overview
What is Unit21?
Unit21 helps protect businesses against adversaries through an API and dashboard for detecting and managing money laundering, fraud, and other sophisticated risks across multiple industries.
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What is Unit21?
Unit21 helps protect businesses against adversaries through an API and dashboard for detecting and managing money laundering, fraud, and other sophisticated risks across multiple industries.
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Product Details
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What is Unit21?
Unit21 helps protect businesses against adversaries through an API and dashboard for detecting and managing money laundering, fraud, and other sophisticated risks across multiple industries. The regtech enables risk and compliance teams to customize rules and create complex statistical models without engineering resources to support transaction monitoring. The solution provides out-of-the-box scenarios that can be deployed with a single click, or the user can apply unique monitoring logic and thresholds to different segments of customers.
For managing cases, Unit21 aims to streamline investigations with a system of record for customer risk & reviews, built-in SAR e-filing to FinCEN, and support for an immutable and auditable trail for all data and actions within a system. The user can customize investigation workflows and actions, to tailor the case management system.
The vendor states Unit21 has monitored over $100B+ in transactions and counting, and have protected our customers against hundreds of millions of dollars of fraud loss and money laundering. Founded in 2018, Unit21 is headquartered in San Francisco.
The vendor states Unit21 has monitored over $100B+ in transactions and counting, and have protected our customers against hundreds of millions of dollars of fraud loss and money laundering. Founded in 2018, Unit21 is headquartered in San Francisco.
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Unit21 Technical Details
| Deployment Types | Software as a Service (SaaS), Cloud, or Web-Based |
|---|---|
| Operating Systems | Unspecified |
| Mobile Application | No |
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TrustRadius Insights are summaries of user sentiment data from TrustRadius reviews and, when necessary, 3rd-party data sources. Have feedback on this content? Let us know!
- Business Problems Solved
- Pros
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Unit21 is a versatile software that has proven to be immensely helpful for businesses in overcoming various challenges related to data security, productivity, and compliance. With its high visibility for data monitoring, users have been able to easily detect anomalies and potential risks, allowing them to secure their data effectively. The platform's automated process for reducing false positives has significantly improved productivity, making data monitoring more efficient.
Another key use case where Unit21 excels is transaction monitoring. By leveraging this software, businesses have successfully detected and prevented fraud, money laundering, and structuring. Users appreciate the flexibility of constantly fine-tuning rules within the system, enabling them to adapt to changing risks and improve the accuracy of their monitoring capabilities.
In addition, Unit21 offers customized investigation workflows and actions, streamlining risk and compliance operations for businesses. The intuitive and user-friendly platform facilitates investigations and the understanding of anomalies within transactions. By automating transaction monitoring, Unit21 mitigates the risk of fraud and eliminates the need for manual checks, saving valuable time for users.
Unit21 provides a comprehensive solution by offering parameters to identify suspicious activity and generate monthly and quarterly reports effortlessly. This feature not only reduces noise but also ensures accurate reporting to the board. Overall, businesses using Unit21 have found it to be a powerful tool that solves critical business problems in data security, productivity improvement, compliance, and effective transaction monitoring.
Efficient Data Monitoring: Several users have praised Unit21 for its effective and efficient data monitoring capabilities. They appreciate how the platform allows them to monitor transactions with ease, providing valuable insights into each customer entity or business.
Easy Integration and Workflow Setup: Reviewers have found Unit21's integration and rule-creation features to be user-friendly. They mention that it is easy to integrate the platform into existing workflows, making it convenient for setting up escalations and streamlining processes.
Consolidation of Compliance Information: Many customers value Unit21's ability to consolidate compliance-related information in one place. The platform integrates seamlessly with KYT alerts from other vendors, allowing the Compliance team to access all necessary data in a centralized location.
User-Friendliness: Some users have mentioned that the software could be more user-friendly and easier to use. They have found the overall system to be not particularly intuitive, which has impacted their experience with the product.
Long Implementation Process: Several reviewers have expressed their dissatisfaction with the long implementation process and the associated hard requirements. They feel that these aspects could be improved upon to make the onboarding experience smoother and more efficient.
Limited Feature Set: While acknowledging that the solution is relatively new and may add more features in the future, some users have felt that the current feature set does not meet their expectations. They believe that additional functionalities would enhance their experience with the software.