FinTech Automation launches digital account opening solution for FIs
US-based FinTech Automation has unveiled a new tool designed to simplify the account opening process for banks and credit unions.
The new ‘EZForm Digital Account Opening (DAO)’ solution works by digitising and automating workflows to improve compliance and deliver a “user-friendly experience” for banks, credit unions and their customers.
Advanced identity decisioning technology automates up to 100% of application decisions, thereby significantly reducing processing times and administrative burdens, according to FinTech Automation.
In addition, a centralised back-office portal consolidates all application details, providing financial institution employees with tools to manage and oversee operations more easily.
Among the key features of the DAO platform is its customisation, allowing banks and credit unions to design bespoke 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 also integrates fully automated Know-Your-Customer (KYC) and Know-Your-Business (KYB) processes, alongside tools such as facial liveness detection, risk scoring, Social Security Number verification, and e-signature capabilities, helping financial institutions meet regulatory requirements, while providing a transparent and efficient onboarding experience.
“Compliance and security are at the heart of FinTech Automation’s DAO solution,” said David Park, chief executive officer of FinTech Automation.
“With built-in compliance checks against OFAC, FinCEN databases, PEP screening, and the Social Security Number Verification Service, our platform ensures a high level of regulatory compliance.”
He added: “This robust compliance framework enables financial institutions to confidently open international and cross-border accounts for global customers, simplifying operations without compromising security or efficiency.”