Using illion’s Trust Registry allowed a national transportation company to identify 81% of individuals behind the trust accounts in their customer portfolio.
Knowing who’s along for the ride
The Australian division of a leading global transportation company sought an efficient way to identify the trust accounts in its portfolio of customers.
Historically, the company had to perform their linking processes for trusts accounts manually, taking an exceptional amount of time and resources to achieve. The process took around six months to complete, and not every trust account was able to be identified.
Businesses, over time, accumulate hundreds of trusts in their portfolios each year and each trust account in the business’ portfolio represents a significant security risk.
Fully automatic: Providing the answer
Providing the solution the business needed, the illion Trust Registry offered results using an automated and streamlined process. The client was required to provide data sets which covered public information needed to identify the individual as well as business information such as their ABN and CAN.
The Trust Registry works initially as a ‘data wash’ by matching and appending a business’s existing data sets against the existing data in the registry.
The information is matched and, where applicable, missing information is added to the client’s datasets. The process enriches the value of the client’s database, allowing them to link trust accounts with the individuals behind them.
Using illion’s network of business databases & sources, the Trust Registry reviews millions of customer files using matching intelligence engines. Using ABN and ACN details the Trust Registry links trustees to trusts using its comprehensive datasets drawn from numerous sources.
Lifting the fog and keeping their eyes on the road
To test the ability of illion’s Trust Registry, the client used our data washing capability. Supplying illion with 5,000 records, including over 400 trust accounts, from four of their accounts portfolios
Many trusts only exist in original or scanned paper form. To solve instances where data cannot be compared against illion’s Trust Registry electronically, the use of optical character recognition technology to digitise the information in each trust deed, then appending the newly digitise data into the clients data sets.
Because illion’s Trust Registry is an automated and time efficient procedure the client is relieved of laborious, manual work, saving man hours and valuable company resources.
illion’s Trust Registry team were able to apply the data supplied by the client and manage to:
Linked trust details
Linked trustee details
A flag for any file where the trust/ trustee matches information provided by the client
A task the company believed would take six months to achieve was instantly procured with an 81% match rate.
Total records provided: 5k
Trusts provided: 408
Links established: 329 (81% linkage rate)
Want to learn more about illion’s Trust Registry and how we can help you identify key individuals in your customer accounts? Contact us today.