OneBanx taps PassFort for customer onboarding and compliance

OneBanx, a shared banking innovator, has chosen PassFort’s workflow solution to create a seamless onboarding experience for business customers.

OneBanx is addressing the challenges faced by communities where bank branches are being withdrawn by offering shared banking infrastructure in the form of kiosks and smart ATMs so customers can fulfil their everyday banking needs.

The company has built the first ever automated multi-bank deposit system in the UK, which OneBanx claims has proven attractive to SMEs.

In order to broaden the range of businesses that OneBanx can serve and to help automate the onboarding process, the deployment of KYB procedures that are customer-centric and work smoothly is vital as the solution is expected to be rolled out further in the coming months.

OneBanx claims tailored automated onboarding workflows will be orchestrated by PassFort, allowing the application process to be carried out swiftly to create a holistic onboarding practice and allow OneBanx to manage identity verification.

As a result of using PassFort’s solution, OneBanx claims it plans to enable SME-specific features including the ability of business managers to deposit funds into a business account in a compliant manner without the need for a bank card.

PassFort will support OneBanx to meet its business onboarding requirements, supporting it to ‘create customer and community-centric experiences tailored to their clients and meeting compliance and AML standards’.

Head of PassFort Alex Richter said, “OneBanx offers a valuable service to small businesses who need a face-to-face experience when dealing with their cash. It is important clients have a smooth onboarding process, and KYB checks run proficiently to ensure a top-level customer experience. Our automation tools and workflows can add this efficiency to these processes.”

OneBanx CEO Duncan Cockburn added, “As we serve our customers and ensure their cash is protected, PassFort’s solution will help us to deliver seamless onboarding for our business clients, whilst ensuring we are fully compliant with all the relevant regulations. Customers need to know they can manage their money safely with us. With automated onboarding and KYB, our technical team will now be able to concentrate their efforts on continuing to innovate so we best serve our customers.”

Earlier this year, Nvayo, an electronic money issuer serving ultra-high-net-worth and underserved clients, has chosen to use PassFort’s KYC solution for customer onboarding.

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