PassFort Smart Policy – Automating compliance processes

Using automation to complete your customer onboarding journeys means processing more applications more quickly, while complying with any form of regulation in any jurisdiction for any product. Smart!

Posted by: 
Alexis Fox-Mills
Oct 27, 2020

October 27, 2020

When you digitally transform your compliance policies, it means you can scale-up customer lifecycle management processes no end. You’re no longer restricted by how much you or your team can handle.

There are no compromises on risk and compliance either. Add as many checks as you want or need to a process and make them as robust as if you were checking each customer application personally.

Using automation to complete compliance processes means you can onboard, off-board and monitor more customers more quickly, while complying with any form of regulation in any jurisdiction for any product. Use PassFort Smart Policy to tailor and automate CLM processes, so they are exactly right for your business and your customers.

Customer journeys and workflows

Deliver onboarding journeys that create great customer experiences – it’s so important to your brand, to gaining trust and to winning competitive advantage. Customers are digitally savvy and expect a smooth interaction, and you can provide it.

Equally, when a bad actor hits your site, you want to off-board them with no messing.

Enter PassFort.

To get started, plug PassFort into your existing registration flows or use our customisable forms. Tailor your workflow of compliance checks and maximise straight through processing (STP) on applications so automation is the default. But, when enhanced due diligence or manual intervention are needed, on a high-risk profile for instance, get that flagged immediately so that you don't introduce unnecessary delays.

“Our customers achieved an average STP rate of 91% in 2020. That means 91% of onboarding journeys were processed without any manual intervention at all.”

Dynamic risk-models

Your company has its own appetite for risk, so base your smart policies around that. Guarantee a consistent, risk-based approach to your CLM processes that are then uniquely applied to each customer.

A dynamic risk model let’s your KYC checks flow through different paths, depending on the potential risk a customer poses to your business. Certain factors on a profile might mean you want to ask for more information or for specific documents. Build that into the automated workflow and set flags for manual review when you think they are needed.

And risk monitoring doesn't end at onboarding. You can continue to set renewal checks for any time period, so if a customer's status changes, you'll know it.

With PassFort, you manage an accurate, always-on view of risk across your customer portfolio.

Flowchart policy builder

PassFort offers a unique flowchart-style policy builder. It’s very visual; you can see your process, its steps and branches towards onboarding, further review or off-boarding. This approach to policy automation means processes can be designed rapidly and they are super-easy to change. It’s simply a 'drag and drop' exercise. No need for expensive product resources or specialist technical consultants to define, create or change your customer journeys.

Policy versioning

In the world of compliance, nothing stays the same for long, so in PassFort we make it easy for you to evolve a policy over time or refer back to what came before. This is great for auditing purposes and it also means you can test and learn from what works best for your business and its customers.  

We don’t want you to have to stick with the traditional ‘set and forget’ mindset - your Smart Policy should be living and evolving with your business and with changing regulation.

Can we talk?

It would be great to talk to you about your business, its compliance requirements and how PassFort can help. Please get in touch anytime to arrange a chat or a demo – we’d love to hear from you!


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