Onboarding Verification

The SmartStream Reference Data Utility (RDU) was founded with Tier 1 partner banks to help them improve operational control, cut cost and comply accurately with the regulators. In a short space of time, the company has already onboarded an extensive list of clients for its reference data services, but it plans to go one step further by extending its offering with an instantly deployable suite of APIs.

While banks have traditionally had a large workforce to complete the manual processes required for know your customer (KYC) and onboarding processes, embracing automation and modern technology is the way ahead. But where does that leave the future of RegTech?

Payments juggernaut Stripe has acquired card authentication technology company Bouncer for an undisclosed amount.

Compliance Systems has launched the first mobile-enabled online account opening solution, which enables financial institution customers and members to open accounts up to ten times faster, it claims.

The UK government has passed a bill that would give it the ability to intervene in foreign direct investments that could negatively impact the country.

Belgian IT company IntellectEU has introduced VELMA – an AI platform that allows financial advisors to offer ‘hyper-personalisation’ in the wealth management sector.

Covid-19 changed the world, but now firms must focus on the next set of challenges, such as how to reimagine customer onboarding in a more remote and mobile world.

A survey by data analytics company FICO has found up to 4% of UK consumers believe their identity has been stolen online.

Digital-only pension Penfold has implemented NorthRow’s technology to accelerate its onboarding process and enable users to establish a pension in five minutes.

FinTech mobile platform Fiskl has partnered with PayTech leader Nexi to bolster the latter’s open banking offering.