How we remove risk associated with misspelled names
Fuzzy matching is the process used to match names that appear similar but may not be spelt exactly the same. This is standard across the industry and is used to avoid unnecessary failures if the names are mathematically close enough.
Misspelled names are most likely to be an error on the client's part. However using slightly different names across different applications or records could be an indicator of risk.
This is why we employ fuzzy matching in our PEP and Sanctions screening - casting a wider net to ensure no positive matches are missed.
Fuzzy matching algorithm
The algorithm used to determine this process is called Levenshtein Distance.
This algorithm has been tested extensively across different names and name variations in our supplier's database. To reduce false positives the maximum edit distance change has been capped at one character. This allows for spelling errors/variations without returning large numbers of unnecessary false positives.
Need more help?
These articles should answer most of your questions. However, if you have any further queries please click the live chat button in the bottom right of your screen to talk to a member of the client support team.
Furthermore, should your client have any queries about the process, our dedicated customer support hub will provide the answer to many of your client's questions. From here they can also chat directly with one of our consumer support team who can provide real-time help and assistance.