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OneBanx partners PassFort to implement its KYB solution

Wednesday 24 August 2022 10:48 CET | News

UK-based OneBanx has partnered PassFort in order to leverage the latter's Know Your Business (KYB) workflow solution.

PassFort is a UK-based, Software-as-a-Service (SaaS) workflow platform for identity verification, customer onboarding, and risk analysis. The collaboration aims to improve the onboarding procedure of OneBanx's customers by creating customer and community-centric experiences while meeting compliance and AML standards.

Through this partnership, PassFort will handle the automated onboarding workflows while OneBanx will manage identity verification. With the help of PassFort’s solution, OneBanx aims to enable SME-specific features such as allowing business managers to deposit funds into a business account in a compliant manner without the need for a bank card.

According to PassFort’s research, clients who benefit from ‘better than expected’ compliance onboarding experiences are more likely to recommend their provider and acquire more products in the future. The same research reveals that customers who felt they had a positive onboarding journey are less likely to switch or complain.

In some communities where bank branches are closing down, OneBanx is implementing a shared banking infrastructure supported by kiosks and smart ATMs, which can be used by customers to fulfil their everyday banking needs. According to ffnews.com, the deployment of customer-centric KYB procedures can help expand the range of businesses that OneBanx can serve while automating the onboarding process.

According to OneBanx officials cited by ffnews.com, the partnership will pave the way for future OneBanx innovations, as automated onboarding and KYB will allow the company’s technical team to concentrate their efforts on adopting and developing new technologies. In turn, PassFort representatives cited by the same source highlighted the efficiency of their automation tools and workflows as well as their role in improving user experience.

 

UK-based OneBanx has partnered PassFort in order to leverage the latter's Know Your Business (KYB) workflow solution.

 

What has PassFort been up to?

In December 2021, PassFort was acquired by Moody’s Corporation and began integrating into Moody’s suite of Know Your Customer (KYC) and compliance offerings in order to improve its workflow solution. The acquisition complemented Moody’s technology, data, and analytical capabilities, and aimed to improve customer solutions for KYC, anti-money laundering, compliance, and counterparty risk.

In January 2022, PassFort partnered with identity verification company Trulioo to digitalise KYC and KYB processes for businesses around the world. As part of the collaboration, PassFort provided the orchestration layer that can be used to map and manage risk and compliance workflow while integrating Trulioo’s identity verification checks to bring the data needed to satisfy KYC and KYB processes.


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Keywords: partnership, digital onboarding, KYB, KYC, SaaS
Categories: Fraud & Financial Crime
Companies: OneBanx, PassFort
Countries: United Kingdom
This article is part of category

Fraud & Financial Crime

OneBanx

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PassFort

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