Open banking solution developer ModusBox has teamed up with SaaS-based automated onboarding tool DocFox to help banks and credit unions improve data access.
The deal will see ModusBox and DocFox help financial institutions improve their onboarding processes and help them better connect with other companies.
ModusBox CEO David Wexler said this partnership will lower costs for financial institutions when managing high-risk and business account opening.
DocFox has created a white-labelled, paperless experience for document collection and validation. Its services boast automated analysis, enhanced review and screening of high-risk customers and real-time tracking of Bank Security Act compliance.
DocFox CEO Ryan Canin said, “Financial services is evolving daily with new opportunities around every corner.
“Building the right nimble technology architecture that allows financial institutions to keep pace will be critical. DocFox is thrilled to be able to support our clients in partnership with ModusBox to leapfrog what they thought was previously possible and fully automate the onboarding of business and complex entities.”
The ModusBox integration platform helps banks unlock core data via an API layered approach. Through this, financial institutions can better connect with core applications and real-time payment channels.
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