ODX, a subsidiary of OnDeck (NYSE: ONDK) – a Fintech that was recently purchased by Enova, has announced the launch of a “Digital Account Opening” (DAO) experience, adding to its suite of services offered by the company. The DAO service is designed to streamline onboarding while satisfying Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements for both digital and in-person account opening.
Brian Geary, President of ODX, says their clients are looking for a platform to support both their existing and potential new customers through digital means. ODX’s DAO solution is said to capitalize on 15 years of digital onboarding and origination experience to help mitigate KYC and fraud concerns during the digital onboarding process.
“Offering DAO for deposit products compliments our core loan origination capabilities. ODX’s ability to solve customer acquisition on both sides of the balance sheet is a differentiator,” said Geary, in a release. “Clients using ODX across their product suite will benefit from a seamless customer experience regardless of the product or acquisition channel.”
ODX leverages OnDeck’s experience as a digital lender to provide similar or related services to outside financial service firms.