According to the press release, with the increased introduction and uptake of digital financial services around the world, borders are becoming less relevant to financial technology firms and their customers. PassFort added that organisations want to acquire and onboard customers from different regions and consumers do not want to be bound by their country of origin when accessing financial products.
The partnership brings worldwide coverage, so onboarding and risk monitoring can be tailored and performed digitally for customers and products anywhere in the world. PassFort provides 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.
Research from PassFort shows that customers who received a better than expected experience of compliance onboarding, described themselves as more likely to recommend their provider (77%). Meanwhile, only 32% of customers whose experience was worse than expected said they would recommend their provider.
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