Supporting corporate onboarding and compliance

Collecting data for KYB Right now, there are some very big impacts on the basics of KYB [Know Your Business] caused by the financial crisis. Banks and other financial institutions that need to onboard corporate clients or run renewal checks may have issues accessing the data they need to verify company structures or the identities of Ultimate Business Owners [UBOs].

Posted by: 
Alexis Fox-Mills
  |  
Apr 30, 2020

Without a robust digital solution, the data held on clients has the potential to be inaccurate because of market volatility and personnel changes. As individuals are furloughed and lay-offs are made, points of contact within a client organisation are different and company structures may have changed. There is even potential for businesses to have filed for bankruptcy or gone into administration.

If you are used to your compliance or onboarding teams contacting corporate clients directly to complete document collection, checks, and validation – that individual may not be there now. From a credit risk point of view, you are not going to be able to get the full picture on a client’s organisation unless you engage with them directly. But, that client may not have time to discuss it with you as they fight their own fires or simply aren’t available.

Digital transformation of KYB

Financial institutions that have transitioned to a digital KYB platform are more able to rely on their business as usual ways of carrying out onboarding and data checks. Compliance and Onboarding teams that are now working from home can still access the data and files they need without manual processes, such as face to face checks or document scanning, which definitely aren’t possible right now.

Plans to transfer to a digital KYB platform may have been in train, but overnight it suddenly became an imperative. And PassFort has been working with our partner Creditsafe to make running company data checks easier and more efficient.

From the PassFort platform, KYB onboarding journeys can be full mapped and digitised. Then the necessary company data checks run with Creditsafe to validate the information needed for compliant due diligence on company structures or ongoing risk management.

Monitoring company data with Creditsafe

With the Creditsafe Company Data API integrated in PassFort our clients can complete validation on corporate accounts knowing data will be accurate and returned quickly. This all happens online via SaaS solutions, which is really important in the current scenario.

You can also get a notification if there is a change within the companies that have been approved to use your products previously. This makes ongoing risk monitoring easier and more robust. If you have automated data checks, for example, you can decide whether further due diligence is needed or if an application should be cancelled altogether.

Using PassFort and Creditsafe, our clients can monitor changes to:

  • Company officers
  • Financial data
  • Registry data

You can also see financial data reports for any country covered by the Creditsafe Company Data API via PassFort. And, reports are formatted with the International Financial Reporting Standards (IFRS), so they're familiar to navigate.

These company data checks, automated through PassFort’s SaaS platform harnessing the power of Creditsafe’s global reach, are a game changer to KYB operations, risk management and compliance in this time of volatility and change.

“We’re thrilled to be strengthening our partnership with PassFort and are excited to help their customers improve their onboarding process with the addition of Creditsafe data.”
– Chris Robertson, CEO, Creditsafe UK & Ireland.

Get in touch

Digital transformation of KYB processes can be fast and efficient with PassFort. It’s possible to be up and running with an online compliance and risk management solution in just a few weeks.

Please get in touch if you would like to discuss using PassFort for KYB processes in conjunction with Creditsafe we would love to hear from you.

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