Digital lending platform ezbob has released a new onboarding module to simplify processes for banks.
On average, a bank spends around £47m each year on manual KYC checks, a report from Consult Hyperian claims. These costs are expected to rise following the introduction of AMLD5.
ezbob’s new services includes a smart onboarding engine which will streamline KYC and AML processes into a standardised form. The system includes dozens of API connections from third-party data sources, helping banks leverage the information source without directly integrating with them.
The company’s services are used by RBS, CYBG and American Express, and others, to support their KYC, AML, and sanction screening.
ezbob CEO Tomer Guriel said, “When it comes to KYC, banks have made large investments, growing their compliance teams in order to deal with the new stringent regulatory requirements. Clearing a customer now requires more back and forth with the client and at the end of the day it is the customer journey that suffers.
“With ezbob’s solution, once the customer clicks submit, that’s where our system instantly starts making API calls to databases, such as LexisNexis, in order to verify the customer. By cross-checking multiple data sources through our own KYC risk engine, we’re able to deliver a true ‘Pass/Fail’ along with whatever additional information may be required.”
Last year, the online lender collected £15m in a funding round which was led by Da Vinci Capital Management. ezbob is based in London and provides banks and financial institutions with tools for digital loans, helping companies to increase conversion rates, lower loan costs, improve risk decisions, and diversify lending.
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