The ONBOARD initiative provides FinTech companies with a complete technology package and operational framework for minimizing the risk and compliance challenges of onboarding online customers
We’re proud to announce today the ONBOARD initiative, providing worldwide FinTech companies with specialized programs for addressing both the compliance challenges and risk associated with verifying and validating clients in online financial services.
The initiative combines IdentityMind’s integrated identity verification and fraud tools with an operational framework for applying customer onboarding best practices, providing FinTech companies with a streamlined program for both managing compliance requirements and preventing fraudulent accounts. ONBOARD detects if valid consumers and business have become fraudulent or compromised due to account fraud, and provides the anti-money laundering capabilities necessary to satisfy auditing and reporting requirements.
“FinTech is one of the most exciting industries due to the changing landscape and rapid innovation taking place,” said Garrett Gafke, IdentityMind Global President and CEO. “Innovators are technology savvy, and rightfully focused on delivering the user experience today’s environment requires. However, many financial technology companies simply are not prepared for the security and risk challenges imposed by online services. Experienced risk managers and compliance officers apply customer onboarding best practices from the offline world, but often these practices aren’t as effective online. The ONBOARD program is designed to address these challenges.”
The ONBOARD initiative combines:
- Identity Verification
- Account Fraud Prevention
- Identity Document Verification
- Case Management
- Transaction Monitoring
- Sanctions Screening
- Crime Analysis Investigative Interface
- Location Analysis
- Document Upload.
ONBOARD is available worldwide, and offers three different packages to accommodate varying levels of requirements- from simple Know Your Customer (KYC), to Enhanced Due Diligence (EDD). The program starts at $0.56 per ONBOARD for U.S. consumers, and just under $1 for businesses in the United States.