With an ever-changing compliance landscape, and frequent updates to legislation, digital customer onboarding has become a major focus for financial institutions across South Africa.
The Financial Intelligence Centre (FICA) Amendment Act of 2017 introduced a risk-based approach to compliance elements such as customer due diligence to the regulatory framework. This risk-based approach requires accountable institutions to fully understand their exposure to money laundering and terrorist financing risks, which in turn means they need to adopt a personalised approach to customer due diligence.
And it is this need that forms the basis of pbVerify’s digital customer onboarding systems – custom built to suit institutions’ specific needs.
True intelligence
pbVerify offers organisations a versatile digital adoption platform for onboarding customers, which is fully compliant with the Protection of Personal Information (POPI) Act, as well as global anti-money laundering (AML) and know your customer (KYC) requirements.
Our onboarding systems inject true intelligence into companies’ web-based application forms, allowing for the transformation of paper-based credit applications into efficient online web-based forms that verify the identity of the applicant in real time, while automatically drawing consumer and commercial verification reports in the back-office system. These include the following
- Credit reports
- Bank Account Holder Verifications (AVS)
- CIPC Company verifications
- Address Verification
- AML Sanction Screening
- 3D Liveness Biometrics
- Mobile number verifications
True digital onboarding eradicates fraudulent applications and enables companies to approve applications that are guaranteed to be of required quality – in just minutes. Manual customer onboarding processes are time-consuming (generally taking days to weeks to complete) and prone to fraud and error.
With digital onboarding, there is no paper, no printing and no manual credit bureau, ITC or CIPC checks. Everything is automated according to company procedures.
True digital customer onboarding: The benefits
- Digitally onboard customers in minutes.
- Great user experience.
- Integrate with Digital KYC.
- Integrate with credit bureaux for automated vetting.
- Templates are linked to business rules to automatically generate contracts.
- Contracts are automatically sent for approvals and remote signing.
- Signed contracts and meta data are stored or transferred.
- Integrate with CRM/ ERP systems.
- Back office system for workflow and document management.
Keen to learn more? We’d love to hear from you.
Get in touch to discuss your needs and requirements, or to find out more about our digital onboarding solutions: Phone: +27 (0)10 823 5194 / Email: [email protected]
