Refinitiv launches customer onboarding solution with real-time checks

Refinitiv has launched a digital onboarding solution to help businesses streamline their approach to onboarding customers.

The onboarding solution introduced by LSEG subsidiary’s offers a fully configurable user interface, which allows organizations to provide a branded product application process that can be delivered via the web, mobile and via API.

Refinitiv’s digital customer onboarding solution boasts low-code/no-code requirements, which allows customers to integrate and deploy it within two to six weeks and rapidly accelerate the remote onboarding of new customers for multiple financial products.

Onboarding solution maximizes sales conversion rates

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 award-winning risk intelligence service, as well as Qual-ID, its digital identity solution and its suite of bank account verification tools provided by GIACT. It is also possible to add on supplemental API services such as geolocation, address checking and mobile verification through the ‘plug and play’ mode. An “orchestration engine” allows customers to combine know-your-customer, business verification and anti-money laundering data services from both Refinitiv and other service providers in one end-to-end experience.

Ramesh Menon, Global Head of Product, Digital Identity & Fraud Solutions at Refinitiv, said, “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 solution ensures identity verification in real time

The launch of the customer onboarding solution is being launched amid a surge in digital and contactless payments. Smaller institutions providing services in the wealth, financial technology and crypto digital assets space increasingly need to offer seamless on-demand services, while also managing complex regulatory and financial crime risks.

With Refinitiv’s solution, firms can verify an individual’s identity information and documents in real time, conduct remote biometric checks, access, and cross reference a series of disparate data sets, such as residential addresses, sanction lists, and to use additional technology to verify bank accounts.

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