Collect documents directly through PassFort

In PassFort, KYC analysts and onboarding teams can communicate directly with their customers to request additional documentation, making the whole process of onboarding much more efficient.

Posted by: 
Alexis Fox-Mills
  |  
Mar 31, 2020

Our approach to product development centres around customer success. Not just our customers’ success, but your customers’ too.

We continually ask what you might need from compliance processes, KYC and AML checks, and what experience you want to create for your customers.

From this feedback process, we knew that being able to collect documents seamlessly through the PassFort platform was a priority.

Enhanced due diligence

Automation makes customer onboarding vastly more efficient. It means onboarding processes are mapped digitally, checks are run with different data providers automatically, and that applications can be approved with no human intervention at all.

This is known as Straight Through Processing [STP] and PassFort’s clients achieve an average STP rate of 81%.

But what happens when STP isn’t possible, isn’t optimal, or reveals an issue with an application?

Manual action or Enhanced Due Diligence [EDD] is needed. This can be for several reasons, including a high-risk score returned for a customer profile, or because documentation is missing or incorrect.

Easing manual workloads

When STP or full automation of onboarding isn’t possible, it means manual work for KYC analysts and compliance teams. This adds time to the onboarding process and can introduce risk.

How might that look traditionally?

Step 1 - Analysts login to a portal; identify the issue that’s been raised; and make a decision about how to resolve it.

Step 2 - Then they login to another tool – usually their email client – to contact the applicant; explain what’s needed; and request the necessary documents/information.

Step 3 - The prospective customer then has to source the necessary document(s); scan or download them; upload them into their email client; and send them back.

Step 4 – This information goes back to the KYC analyst’s email account. They have to identify which applicant has responded, take that document and associate it with the correct profile in their portal.

This can be a slow process and it's prone to human error.

PassFort's solution

Going through these steps is obviously sub-optimal. Data security issues can arise, and it can cause customers to churn or abandon their application before onboarding is complete. PassFort wanted to simplify this for our clients and your customers.

Document collection

In PassFort, the steps to EDD are different and create a better user experience.

The KYC analyst logs in to PassFort and sees the highest priority applications that need manual completion. The analyst can click onto this specific profile and see exactly why the application couldn’t be verified automatically.

Because of the PassFort configuration, the platform knows what documents are needed to complete onboarding and a communication will be generated to request these documents.

Q2 blog with Yahia-4

The form that’s created to make the request can be edited by an analyst before it is sent - this includes setting the email address and customising the text. The form can carry your branding, so it feels like the communication is coming from your business (not from PassFort). PassFort is simply facilitating management of the process and maintaining records in one place.

When the analyst is happy with the communication that's been generated, they press “Send request” and everything that’s needed from an applicant is pulled together in one place and in a communication that looks like it comes from your organisation.

Q2 blog with Yahia-3

When the applicant receives the communication, it guides them through what’s needed. The forms are instructional and request specific information - for example a copy of their driving license – along with steps to ensure enhanced verification is only requested once.

Q2 blog with Yahia
Q2 blog with Yahia-2

When the necessary document has been correctly uploaded, the applicant simply submits it and it is returned to PassFort.

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Q2 blog with Yahia-1

The PassFort platform then continues with automated onboarding; checking the document that’s been submitted using your data provider. This happens seamlessly and without any action from the KYC analyst or onboarding team.

If the data provider approves the document, PassFort will automatically pass the application, so the next thing the analyst actually sees in the platform is that the application has been approved.

Payoff

Case management and document collection within PassFort increases data security and expedites the process of compliant onboarding.

PassFort is effectively creating an eco-system for customer lifecycle management. Compliance checks; customer communication; audit trail; risk status; ongoing risk management; periodic reviews; and off-boarding are all contained in one secure platform, which can be connected to your other Customer Relationship Management [CRM] tools.

Preview the solution

Yahia Abaza, Product Manager - "It was very exciting to collaborate with our clients to develop this unique feature in PassFort. We know no one else does seamless document collection like this. And we also know it’s going to make a real difference to our clients."

We would love to show you the PassFort solution in action, especially this document collection and communication feature. It is a much more efficient way for KYC analysts and onboarding teams to complete enhanced due diligence.

Get in touch and we can arrange an online demo or virtual meeting - email us at info@passfort.com to arrange a time that suits you.

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