Refinitiv launches digital onboarding solution

Thursday 27 October 2022 10:30 CET | News

Financial market data firm Refinitiv has launched a digital onboarding solution aimed at helping businesses improve their customer onboarding process. 


Refinitiv’s solution provides a user interface that is fully configurable, enabling organisations to offer a branded product application process that can be delivered via the web, mobile, and via API. Having low-code/no-code requirements means that its integration and deployment can be done within two to six weeks, helping the rapid acceleration of new customers’ remote onboarding for a multitude of financial products, while also providing an improved user experience. 

With this solution, firms are enabled to conduct real-time verification of an individual’s identity information and documentation. Furthermore, they can conduct biometric checks, and access and cross-reference a series of contrasting data sets, like residential addresses and sanction lists, to name a few, and can also use additional technology for bank accounts’ verification.

Refinitiv has launched a digital onboarding solution aimed at helping businesses improve their customer onboarding process.

Product capabilities

The customer onboarding solution is pre-integrated within Refinitiv’s World-Check risk intelligence service, as well as Qual-ID, its digital identity solution and its suite of bank account verification tools provided by GIACT. Additionally, supplemental API services such as geolocation, address checking and mobile verification can be added through the ‘plug and play’ mode. Through means of a so-called ‘orchestration engine’, customers are enabled to combine in one end-to-end experience Know-Your-Customer (KYC), business verification and Anti-Money Laundering (AML) data services from both Refinitiv and other service providers.

The digital customer onboarding solution is delivered by Refinitiv’s customer and third-party risk business, which provides a suite of risk management services aimed at supporting customers with KYC, due diligence, digital identity verification and fraud prevention activities. Having a customer basis that includes sell-side financial institutions, buy-side financial institutions and a wide range of corporates, its products include World-Check, Refinitiv Due Diligence, Qual-ID, GIACT, and GDC.

Following the growing shift towards online commercial activity, an increase in digital and contactless payments occurred making organisations have a need for fast implementation of digital transformation plans. When it comes to smaller institutions that provide services in sectors like wealth, financial technology, and crypto digital assets space, amongst others, they need to offer simplified, on-demand services and simultaneously manage complex regulatory and financial crime risks to meet the expectations of more digital customers. 

Company officials have stated in their press release that the fully configurable product is built with the ‘positive end-client experience at the heart of its design’, while simultaneously meeting compliance demands, helping accelerate remote onboarding when it comes to activities such as account openings, while maximising sales conversion rates, and supporting revenue growth.

Refinitiv market reach and product offering

An LSEG (London Stock Exchange Group) business, Refinitiv is a financial markets data and infrastructure provider. Having USD 6.25 billion in revenue, more than 40,000 customers and 400,000 end users across 190 countries, the company provides information, insights, and technology that enable customers’ execution of investing, trading, and risk decision-making. 

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Keywords: product launch, digital onboarding, KYC, API, AML, fraud prevention, identity verification, digital identity
Categories: Fraud & Financial Crime
Companies: Refinitiv
Countries: World
This article is part of category

Fraud & Financial Crime


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