Digitised Onboarding: by utilising digital technologies, banks can onboard SME customers efficiently, minimising the need for traditional physical paperwork.
KYC & KYB: the platform performs instant KYB and KYC processes, capturing company information, shareholders, and directors' information.
Enhanced Compliance: the solution enforces required compliance and due diligence checks throughout the whole application process. This will ensure adherence to necessary requirements and regulatory standards.
Real-time Decisioning: with the platform, the aim is for financial institutions to make quicker and better-informed decisions, thereby providing an enhanced customer experience.
More about Virtusa and its recent developments
In August 2023, Thought Machine partnered with Cordada, a Latam-based private debt platform catering to lenders and fintechs that serve SMEs. With the partnership, Cordada made use of Thought Machine's Vault Core to develop personalised financial products for SME lenders and fintechs across the Latin American region. Cordada also utilised Vault Core as Software-as-a-Service (SaaS) hosted on the Google Cloud Platform (GCP). Moreover, Cordada was able to create financial products by using Thought Machine’s global Product Library, which contains a collection of pre-built smart contracts.
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