Fintech Automation Debuts Digital Account Opening Platform for Financial Institutions

FinTech Automation, a US-based technology company, has unveiled a new tool called 'EZForm Digital Account Opening (DAO)' to revolutionise the account opening process for banks and credit unions. The platform aims to facilitate the opening of international and cross-border accounts for global customers, offering a transparent and efficient onboarding experience.

The EZForm DAO platform integrates fully automated Know-Your-Customer (KYC) and Know-Your-Business (KYB) processes, ensuring compliance and security are at the heart of the solution. David Park, the CEO of FinTech Automation, emphasised this point, stating that compliance and security are key aspects of their DAO solution.

The platform digitises and automates workflows to enhance compliance and offer a user-friendly experience. It includes advanced identity decisioning technology that can automate up to 100% of application decisions, reducing processing times and administrative burdens.

The centralised back-office portal in the EZForm DAO consolidates all application details, making it easier for financial institution employees to manage and oversee operations. This consolidation simplifies operations without compromising security or efficiency.

The EZForm DAO platform offers customisation options, allowing banks and credit unions to create tailored workflows without the need for coding. This flexibility enables institutions to tailor the application process according to their specific operations and customer needs, ensuring greater control and cost efficiency.

The platform includes various features such as facial liveness detection, risk scoring, Social Security Number verification, and e-signature capabilities. It also includes built-in compliance checks against OFAC, FinCEN databases, PEP screening, and the Social Security Number Verification Service.

The EZForm DAO solution not only digitises and automates the account opening process but also aims to provide a seamless user experience. By simplifying the account opening process, banks and credit unions can focus on providing superior service to their customers, ultimately fostering growth and innovation in the financial sector.

Fintech Automation Debuts Digital Account Opening Platform for Financial Institutions