The financial services market continues to open up in response to customer demand for digital-only products.
It’s now estimated, more than a quarter of UK adults have applied for online-only banking apps. Particularly active recently have been crypto exchanges and online payment providers.
As a result of customer behaviour and changing demands for financial services, there has been an up-swing in automated know your customer (KYC) activity. PassFort for example, a provider of automated compliance and anti-financial crime solutions, helped to digitally process more than 4.4 million new customer due diligence journeys from October 2020 to October 2021.
Challenger institutions have arguably led the way in automation of KYC to create frictionless customer experiences that meet compliance requirements. Many institutions are choosing to partner with PassFort to create flexible, digital compliance processes, using its case management solution in concert with data provided by Refinitiv’s World-Check One.
Refinitiv’s World-Check One brings data for security screening to support due diligence and help prevent financial crime, bribery, and corruption. Data is requested by PassFort clients in relation to new applications, and results from Refinitiv are fed back into the overall case management platform. Compliance professionals can then make risk-based onboarding decisions quickly and efficiently.
“Legacy KYC platforms can be robust when it comes to data collection, but they aren’t flexible when it comes to changing compliance processes or moving through different paths to satisfy due diligence, which is so important to our customers.” said Donald Gillies, CEO and Co-Founder of PassFort. “The beauty of our partnership with Refinitiv is that PassFort offers case management and creates the flexible compliance workflows, while Refinitiv provides accurate, robust data, so our customers get the best digital KYC solution.”
“Our partnership with PassFort provides a new breed of challenger institutions with access to Refinitiv’s extensive risk intelligence data through new and innovative compliance solutions designed by PassFort,” said Emma Miller, Global Head of Strategic Partnerships, Refinitiv’s Customer & Third-Party Risk business. “Refinitiv’s open approach to working with partners allows customers to maximise their investment in our data while leveraging the latest tools and technologies from our partners, helping them to work more efficiently and manage costs more effectively.”
The partnership between PassFort and Refinitiv continues to be strengthened, with additional clients being brought onboard.