Narmi has launched a new digital account opening platform for regional and community financial institutions.
The new platform will enable institutions to onboard new accounts, verify identities, instantly fund the accounts and present digital banking enrolment.
Its new product includes data collection from the new account holder and identity verification of the new account holder through 30+ verification data sources, all delivered via a single API to the financial institution.
Narmi’s Digital Account Opening Platform also includes funding of the accounts via debit cards or ACH transfer and seamless one-step enrollment with mobile and online banking platforms. It enables Financial institutions to adjust identity verification rules to meet the specific needs of their fraud and compliance departments.
From a compliance perspective, Narmi allows financial institutions to ensure Bank Secrecy Act / Patriot Act compliance and offer a functioning Anti-Money Laundering (AML) program as mandated and enforced by the Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN).
Following the launch Chris Griffin, co-founder of Narmi, said, “Deposit growth is the most common focus we hear from financial institution CEOs and our new digital account opening platform is a great example of Narmi solving real problems for our customers.
“Financial institutions can now open accounts in minutes, all while maintaining a robust compliance and fraud monitoring environment. Furthermore, our digital account opening platform is a great complement to our award-winning mobile and online banking platform.”
New York-based Narmi provides technology which helps banks and credit unions deliver a better digital banking experience. Its solutions include mobile banking, account opening, online banking, and open banking API, among others.
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