1 – Sanction List Checks
2 – KYC (Know your customer)
3 – AML (Anti-money Laundering)
4 – Biometric ID-Checks
5 – UBO – Ultimate Beneficial Owner
6 – PEP (Politically Exposed Person)
7 – Bank Account Validation

This is a list of the top 7 requirements when looking at the API calls needed to onboard a new client, but
there are many more such as adverse media screening, crypto currency provider checks to name a few.  That is a lot of API calls to onboard a client in under 5 minutes!  This all depends on the compliance requirements to onboard a new client of course.

There are a host of providers out there who are focused on the B2Cspace but generally this is focused on the front end. The middle and back office are lagging, with disparate back-end data systems and manual compliance checks.

Having spent several years working in this space and a lot of time looking into this vertical, we have
addressed the market challenge by developing a core solution providing intelligent onboarding. Our solution incorporates carefully selected partners, such as Veridas for biometric ID verification, with industry leading compliance check providers but all in one core solution. Through our ‘Intelligent Glue’, psKINETIC’s Intelligent Onboarding Solution provides our customers the ability to onboard their clients in minutes, increasing revenue and protecting those revenue streams.

The solution we have developed through our 90-day accelerator program has Appian at its core, managing the API call requirements, case management, periodic checks KYC, AML. Veridas is embedded into Appian for Biometric ID-Checks providing a frictionless solution for onboarding allowing accounts to be opened within 5 minutes, instead of days or weeks, with little to no human interaction in the middle and back office.

There are core workflows for low, medium, and high-risk clients with multi-layer automation and if required, technology assisted intervention and assessment, with artificial intelligence and machine learning. Our intelligent onboarding solution is specifically designed to meet ongoing regulatory requirements covering periodic checks and full case management.

The onboarding market for institutions has become highly complex with large amounts of compliance requirements. This means wealth managers need a solution that can handle 100% technology driven intelligent automation for compliance checks. Up to 15% of cases needing manual intervention and approval will be technology assisted and automatically flagged.  When dealing with customers who now expect a different customer experience, manual processing becomes impossible.  We have already shown to our customers how this solution will save them time, money and more importantly it is an exact fit, first time right solution that will grow at scale with them as their business grows and expands.

If you would like to know more about how we can help you with streamlining you institutional onboarding, contact a member of our team for a friendly, no obligation chat.