The three new modules are Jurisdiction Block, Person Block, and Continuous ID.
ViewTrade has enhanced its customer onboarding service with three new modules, which can be activated by clients and made part of their custom identity verification and background check process.
The company’s ID veridication solution features customized logic and KYC/CIP vendor selection to confirm the authenticity of an identity, while also helping clients challenge common names and customize compliance rules.
The service allows firms to confirm the authenticity of a user via driver’s licenses, passports and other government-issued ID documents as part of the onboarding process.
The improved customer onboarding service mostly targets retail financial services, providing customers with more efficiency and security. The three modules are Jurisdiction Block, Person Block, and Continuous ID.
Prevent non-compliant individuals from creating accounts
Sergei Lishchenko, Digital Experience Technology Services at ViewTrade, commented: “ViewTrade’s continuous investment in our product suite ensures we can continue to offer ever more comprehensive and flexible technology to our clients. With these enhancements, clients can further streamline their customer’s experience and digitally onboard them, compliantly and at scale – a critical enabler to sustainable and responsible growth.”
Mark Ford, Chief Compliance Officer at ViewTrade, said: “Ingrained in our leading solutions is the global market expertise needed to deliver a fast, reliable and seamless onboarding experience to the investors of today and tomorrow. These enhancements address and eliminate pain points that existing solutions do not. The new modules will allow our clients to permanently prevent individuals who are not compliant with their onboarding rules from creating accounts, providing greater control, increased approval rates and improved workflows.”
ViewTrade outlined how each module works
Jurisdiction Block enables account managers to block users from opening accounts from certain global regions, countries or a US state before the account is passed to the custodian, effectively halting account creation before other KYC verifications are conducted. Account managers can create their own list of jurisdictions to block and/or allow account creation. This module is fully customizable and available on a branch level, enabling brokers to toggle their lists to either fully block entire regions, or only accept account creation from specific countries or states.
Person Block works similarly to Jurisdiction Block by enabling account managers to fully block certain persons from opening accounts. Managers can create their own list of banned profiles and identities that can be updated as needed and published immediately. This functionality can be activated as a background check module and be part of the branch-specific identity verification flow.
Continuous ID verifies account identities through multiple sanction lists, government exposure and risk databases on a daily basis once activated. The module also enables administrators to mark false-positive matches to be skipped on future system runs, so only relevant matches will be flagged after each scan.