Refinitiv Launches Digital Onboarding

Refinitiv, an LSEG business, announced the launch of a secure, personalized, and seamless global digital onboarding solution to help firms enhance their approach to onboarding clients.

The recent shift towards online commercial activity has led to an increase in digital and contactless payments, forcing companies to work on the implementation of their digital transformation strategies.

For smaller institutions offering services in the wealth, financial technology and crypto digital assets sectors, meeting the expectations of more digital clients means providing intuitive on-demand services, while managing regulatory and financial crime risks.

Refinitiv’s digital customer onboarding solution provides a configurable user-interface, which enables firms to offer a branded product application process that may be delivered through the web, mobile and via API.

Its low-code/no-code requirements mean it may be integrated and deployed within two to six weeks; thus accelerating the remote onboarding of clients for financial products, while offering a seamless user experience.

The solution allows companies to verify an individual’s identity information and documents in real time, carry out remote biometric checks, access, and cross reference a series of disparate data sets, like residential addresses, sanction lists, and to use additional technology in order to verify banking accounts.

Gareth Walker, Head of Client & Digital Onboarding Solutions at Refinitiv, said:

“Refinitiv’s digital onboarding solution, built on a modern, extensible platform, delivers a fully configurable product that has a modern, positive end-client experience at the heart of its design, while at the same time meeting the most exacting compliance demands made of businesses today. It also accelerates remote onboarding for activities such as account openings, while maximizing sales conversion rates and supporting top-line revenue growth.”

The customer onboarding solution comes pre-integrated within World-Check, Refinitiv’s risk intelligence service, and Qual-ID, its digital identity solution and its suite of bank account verification tools offered by GIACT.

It is possible to add on supplemental API services such as geolocation, address checking and mobile verification via the ‘plug and play’ mode.

An “orchestration engine” enables clients customers to combine know-your-customer, business verification and anti-money laundering data services from Refinitiv and other service providers in a single end-to-end experience.

Ramesh Menon, Global Head of Product, Digital Identity & Fraud Solutions at Refinitiv, remarked:

“We have applied 20-plus years’ experience gained in developing customer and third-party screening and related due diligence solutions for the world’s leading global banks into the design of our digital onboarding solution. That expertise has enabled us to create a powerful, low-code/no-code solution that meets the unique needs of fast-growing firms.”

Refinitiv’s digital customer onboarding solution is provided by the Customer and Third-Party Risk business of Refinitiv, which offers a suite of risk management services to support customers with know-your-customer (KYC), due diligence, digital identity verification and fraud prevention activities.

With clients such as sell-side financial institutions, buy-side financial institutions and a wide range of corporates, its products include World-Check, Refinitiv Due Diligence, Qual-ID, GIACT and GDC.

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