Griffin launches customer onboarding product

As mentioned in the official press release, Griffin’s mission is to create a technology-driven bank that blends an intuitive software with the security and reliability of an authorised bank.

Therefore, the technology behind Verify remains a core pillar of Griffin's vision to help fintechs launch financial products without compromising on compliance. The company realised there was a gap in the market for a product that addresses the challenges of regulated fintechs. Verify provides a level of flexibility, ease of use, and domain expertise to help fintechs onboard customers while keeping the appropriate guardrails in place.

Verify helps firms manage customer onboarding risks by automating checks like: Verify and verification (including biometrics), PEPs, sanctions and adverse media screening, fraud, and more. The platform also provides a seamless experience across the application programming interface (API) and UI, making it easy for tech and compliance teams to collaborate using one platform.

The key features

Griffin is already working with early adopter customers, including Comma, a UK-based Open Banking bulk payments system. The company uses Verify to customise their onboarding workflow, run KYB checks, and automate approvals, providing a better user experience and helping its compliance team manage financial crime risks as customer adoption grows.

The key features of Verify include:

• Pre-integration with a network of regtech data sources and providers;

• Customisable check workflows and decision logic for automatic accept and decline results;

• Clear audit trails with visibility over every check result and decision justification;

• A single API integration point with clear documentation for easy implementation;

• Support from Griffin’s team of compliance experts.

This product launch comes on the heels of two other news, as Griffin recently closed a USD 15.5 million funding round led by Notion Capital and submitted its banking licence application to the Prudential Regulation Authority (PRA) and Prudential Regulation Authority (FCA). The company aims to become a go-to banking and Banking-as-a-Service (BaaS) partner for UK fintechs.

The importance of onboarding

Smart onboarding has become critical for any financial services offering and Verify is a solution that helps firms manage financial crime risks, automate manual tasks, and create an end-to-end experience for users.

In 2021, about 80% of all financial institutions implemented new systems for creating digital accounts or improving existing ones. On the other hand, many financial institutions are still a reluctant to offer a full digital service end-to end.

Financial institutions are increasingly under the microscope when it comes to both consumer expectations and regulatory requirements. Using a layered and risk-based approach can be a big advantage in this space – tapping into diverse data sources enables financial institutions to have complete flexibility in their AML, Know Your Customer (KYC), and Know Your Business (KYB) checks depending on the type of business or service and at each stage of the customer journey. Leveraging this customised approach allows financial institutions to have control over the user experience while ensuring regulatory requirements are met, and ultimately finding that sweet spot of ‘friction’ that keeps their users safe and happy with the onboarding process.