PassFort and OneBanx Partnership Delivers Seamless Onboarding for Small Business Customers
- 22.08.2022 09:55 am
PassFort, A Moody’s Analytics Company that provides a SaaS RegTech platform that automates anti-financial crime and compliance processes, today announced that OneBanx the shared banking innovator has chosen to use PassFort’s Know Your Business (KYB) workflow solution to create a seamless onboarding experience for business customers.
OneBanx is addressing the challenges faced by communities where bank branches are being withdrawn by offering shared banking infrastructure in the form of kiosks and smart ATMs so customers can fulfil their everyday banking needs. It built the first ever automated multi-bank deposit system in the UK, which has proved attractive to small and medium-sized enterprises (SMEs), using OneBanx hubs. To broaden the range of businesses that OneBanx can serve and to help automate the onboarding process, the deployment of KYB procedures that are customer-centric and work smoothly is vital as the solution is expected to be rolled out further in the coming months.
Tailored automated onboarding workflows will be orchestrated by PassFort, allowing the application process to be carried out swiftly to create a holistic onboarding practice and allow OneBanx to manage identity verification. As a result of deploying the PassFort solution, OneBanx plans to enable SME-specific features including the ability of business managers to deposit funds into a business account in a compliant manner without the need for a bank card.
PassFort will support OneBanx to meet its business onboarding requirements, helping to create customer and community-centric experiences tailored to their clients and meeting compliance and AML standards. Research from PassFort has demonstrated that customers who benefit from compliance onboarding experiences that are ‘better than expected’ are more likely to recommend their provider and acquire more products in the future.
Duncan Cockburn, chief executive of OneBanx comments: “As we serve our customers and ensure their cash is protected, PassFort’s solution will help us to deliver seamless onboarding for our business clients, whilst ensuring we are fully compliant with all the relevant regulations. Customers need to know they can manage their money safe with us. With automated onboarding and KYB, our technical team will now be able to concentrate their efforts on continuing to innovate so we best serve our customers.”
“OneBanx offers a valuable service to small businesses who need a face-to-face experience when dealing with their cash,” said Alex Richter, Head of PassFort. “It is important clients have a smooth onboarding process, and KYB checks run proficiently to ensure a top-level customer experience. Our automation tools and workflows can add this efficiency to these processes.”