By Gloria Methri
- Customer Onboarding
- Identity Data
European open banking platform TrueLayer has launched an automated onboarding product using open banking APIs.
The new-age service built using open banking technology Signup+ combines account creation with making a payment to streamline the signup process. It uses bank-sourced data to verify a customer’s name, address, and date of birth in seconds to speed up KYC-compliant onboarding.
With one quick deposit, funds are instantly available in the customer’s account so that they can get started using the services, such as adding funds to a wealth management app or trading crypto, right away.
Businesses that have already signed up to use the product include Remitise, Tiger Brokers, PayItMonthly, and StakeMate.
Signup+ provides a secure and quick way to onboard new customers and also reduces the threat of payment fraud with bank authentication built into every payment and real-time identity data checks. It also helps businesses reduce operational costs associated with manual verification checks.
Adebayo Familusi, CEO of Remitise Limited, said, “We are thrilled to have the opportunity to use Signup+ at Remitise. By obtaining customer data sourced from their bank, Signup+ will streamline the onboarding process and save time and resources for our company and our customers. This will improve the overall customer experience and increase new customer conversion by eliminating the need for them to manually input their personal data.”
Francesco Simoneschi, CEO & Co-Founder at TrueLayer, added, “In financial services and beyond, clunky and inefficient signup processes lead to as much as 40% of potential revenues being lost. Using open banking technology in conjunction with real-time identity data, Signup+ automates the onboarding process in a way that hasn’t been possible before in the UK. Signup+ represents a new generation of use cases for open banking and brings onboarding to the forefront of the conversation about where open banking is headed in the future.”
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