Chatbot EDD

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This Product is in Closed Beta

This product is currently being tested and improved. We prefer to keep some details about it private, as they are subject to change. Due the nascency of closed beta offerings, we cannot provide the same SLA guarantees of our released features.

What is EDD?

Synapse’s Enhanced Due Diligence (EDD) is a review process that goes beyond the standard customer due diligence procedures. During these enhanced reviews, the information and documentation provided to Synapse during the onboarding process, along with a user’s transactional data are more closely scrutinized, and additional research is conducted to better understand the user in our system.
The EDD process can be initiated from the Synapse end should we note a high-risk transaction or the platform can flag users who are deemed to be potentially high-risk or non-compliant in nature, thereby triggering the EDD process. Enhanced due diligence is an integral process in an effective BSA/AML program.

Read more about EDD here.

Overview

Synapse’s EDD can flag high-risk users and/or users who may be associated with blocked industries. For example, a transaction may be initiated from a high-risk country, which is inconsistent with the address on file for a given user. In this situation, Synapse may request proof of address to help clarify inconsistencies which may result in fraudulent or high-risk transactions.

In the event a user is flagged for high-risk activity, Synapse's notification service sends a push notification via SMS and/or email (see here) that there are pending document submissions needed to continue to transact. The EDD Chatbot then allows the user to quickly upload the documentation (EDD documents) needed to clear the activity that triggered the risk-based flag(s). Without Chatbot EDD, a platform would need to digest the Synapse EDD flag codes and create a facility for a user to upload the required documents after the user has been flagged.

IMPORTANT: If a user fails to supply documents within the allotted 14-day window, the user account will be marked for closure. Read more here.

You can see a demo of Chatbot EDD here.

Installation

Integrate Chatbot EDD:

• For Desktop Installation, go to Desktop Integration.

Information

1. The User can exit at any time and come back to the chatbot to upload the rest of the documents.
2. Chatbot EDD supports Synapse’s native video authorization service via an uploaded 6 second video.
3. After submitting the required documentation, the user is able to view their uploaded documents using the Chatbot EDD UI.
4. Some documents, such as government IDs, and business EIN documents, are processed via Synapse’s Machine Learning validation checks. Some, like SSN, use a 3rd party integration to validate (checked nightly against the IRS database).
5. Finally, once the user is done uploading all required documentation, our compliance team reviews submitted files the next business day and will make further decisions, if needed.

Errors

API errors will be handled by Chatbot directly, including any possible required input by the user. The platform does not need to take action in this process. Simply call onError and Chatbot will return the error code and a description.

For the list of our API error codes please refer to our Error Status Codes and our HTTP Status Codes.