A Fintech KYC Solution with Digital Onboarding Functionality

Building an end-to-end digital customer management platform for all types of financial institutions. The Fintech KYC solution simplifies and automates the client validation process while simultaneously facilitating decision-making.

Project Highlights

The platform guarantees full regulatory compliance of the KYC services

24/7 access to the current client base with relevant validation statuses

6 different types of all-inclusive customer reports

Project Highlights

The platform guarantees full regulatory compliance of the KYC services

24/7 access to the current client base with relevant validation statuses

6 different types of all-inclusive customer reports

Project Summary

About Client

Our client is an EU-based software provider for wealth management, asset management, and due diligence services. The company was founded in 2018 and, since that time, has managed to make a long way from a small Fintech startup to a successful software vendor operating in six countries across the EU.

The company’s mission is to provide the financial market players with an easy but functional KYC Fintech tool to onboard and manage counterparts while meeting all of the regulatory requirements and standards.

Client Request

The Outcome

The white-label SAAS platform can be used by any business/institution operating in the financial industry that wants to improve and automate the processes related to due diligence, make informed data-driven decisions, and avoid financial losses.

The solution is AML/CFT & KYC Compliant

Seamless integration of the customer’s client base with the platform

Automatic data collection and quick document processing

Multiple security measures ensure the highest level of data protection within the Fintech KYC solution (secured link, two-factor authentication, phone number verification)

A clear-cut onboarding pipeline, including an extensive filter/sorting system, a messaging solution, and comprehensive client profiles

An easy-to-use reporting system with six different sorting patterns (including the potential risk level, sector, and completed actions)

24/7 access to the relevant client base with up-to-date validation information for the clients

Project Summary

About Client

Client Request

The Outcome

The solution is AML/CFT & KYC Compliant

Seamless integration of the customer’s client base with the platform

Automatic data collection and quick document processing

Multiple security measures ensure the highest level of data protection within the Fintech KYC solution (secured link, two-factor authentication, phone number verification)

A clear-cut onboarding pipeline, including an extensive filter/sorting system, a messaging solution, and comprehensive client profiles

An easy-to-use reporting system with six different sorting patterns (including the potential risk level, sector, and completed actions)

24/7 access to the relevant client base with up-to-date validation information for the clients

Location

Industry

Finance & Banking

Partnership Period

4 months

Type

SAAS

Platform

Web

Team Size

10 experts

Services

IT Consulting, Custom Software Development

Expertise

Web Development, Quality Assurance Service, DevOps Services, Data Science Services

Tech Stack

Angular, Java, Python, PostgreSQL, MongoDB, RabbitMQ

Project Details

Business Challenge

Performing due diligence is a cumbersome process that requires significant time and financial resources. And while financial institutions typically have experts that take care of this part of the workflow, the lack of digitalization still has a negative impact on operational efficiency. Creating a white-label KYC Fintech solution that would automatically validate the potential customer based on the information they have provided would have helped to overcome this challenge.

An easy-to-use web-based interface is aimed at resolving such tasks as sourcing and organizing data and documents, customers’ validation, automatic risk assessment, and ongoing surveillance. The Fintech KYC solution’s role is to become a convenient tool that makes communication between financial institutions and their customers easier, as not only do managers and officers have access to the customers’ data, customers can monitor the due diligence process as well.

Implementation

When our client first contacted Light IT Global, they had an MVP that required additional work and enhancement, especially on the front-end part. Our team’s goal was to implement a web-based KYC Fintech SAAS platform that would digitalize a myriad of processes that banks, credit unions, wealth management companies, and other financial market players have been performing manually for years.

The system works as follows:

The KYC Fintech solution seamlessly integrates with the company’s existing client base

The client receives information about the documents required to perform the validation process and provides the necessary info

The company’s manager checks the provided documents and transfers those to the officer

The officer either accepts or rejects the documents sending them back for rework/additional changes

The manager receives feedback from the officer and gets in touch with the client if necessary

The client sees the relevant status of each document via a personal dashboard

Depending on the due diligence results, each client is given an automatically calculated risk level

In accordance with the client’s risk level, the company makes an accurate decision on how to build further cooperation with them

The system is AML/CFT & KYC Compliant, guarantees the top level of security for sensitive data, and grants the company access to 100% accurate and up-to-date status of the client base

Solution Delivered

Once Light IT Global’s team finished working on the project, our client received a state-of-the-art white-label interface that lets financial organizations assess each client individually, calculate the risk level, meet AML/KYC compliance requirements, and make necessary changes when needed due to daily screening checks.

The system is flexible and customizable enough to provide each company with a unique experience that is shaped specifically to meet their business needs. For example, the business owner can tweak real-time alerts for compliance officers and customize AML/KYC Risk assessment system based on regulatory requirements.

A developed KYC Fintech solution resolves several challenges that are typical blockers to an efficient workflow in the financial industry. Examples include:

Paper-based onboarding leads to lower productivity and more mistakes caused by human factors

Inefficient reporting to the regulators

Tedious KYC and AML risk assessment process

Outdated reviewing methods

Business Outcome

After the Fintech KYC solution was successfully implemented, our client managed to expand their customer base significantly and has opened two local representative offices in Europe. At the moment, the company operates in six European countries: France, Belgium, the UK, Switzerland, Luxembourg, and the Netherlands.

The platform is easily monetized as it caters to various financial institutions, including commercial and Internet banks, insurance companies, credit unions, and loan associations.

At the moment, the white-label Fintech KYC solution has already been bought by 70+ clients across Europe and has received multiple industry awards.