AIO, Finastra secure USD 1 mln grant from BIRD Foundation

The grant is meant for the co-development of a digital customer onboarding solution. Developed by AIO and available on Finastra’s FusionFabric.cloud open developer platform and app marketplace, the solution automates the process of establishing the financial identity of a loan applicant in order to meet Know Your Customer (KYC)/Know Your Business (KYB) regulations.

The project received the largest available grant through the BIRD Foundation following a thorough review by BIRD-appointed evaluators from the National Institute of Standards and Technology (NIST) of the US Department of Commerce and the Israel Innovation Authority. Driving factors that led to the grant being awarded to AIO and Finastra include the creation of an innovative solution that solves real-world problems and the ease with which financial institutions can leverage that technology.