Cotribute gains Global Know Your Customer (GKYC) certification from FIS, empowering credit unions.
The leading provider of financial services technology, FIS, has certified Cotribute, an embeddable fintech platform that assists credit unions in increasing deposits, loans, and memberships, as an Access Provider of Global Know Your Customer (GKYC).
The FIS certification was given out after the FIS GKYC module and the Cotribute digital loan application and account opening platform were successfully integrated to give community banks and credit unions a modern, seamless onboarding experience that reduces fraud.
In order to minimize risk and guarantee regulatory compliance, the GKYC solution offers a real-time decisioning solution for identity verification and fraud detection. Its goal is to streamline the client onboarding process.
Community financial institutions now have access to strong rules for coordinating and sequencing various decisioning tools thanks to the seamless integration of the modular decisioning solution with Cotribute’s digital account onboarding platform. This makes onboarding quicker and easier while giving financial institutions a more thorough picture of each account holder’s identity profile.
The service expedites compliance with rules orchestration across IDV, Document ID, Fraud, and Watchlist Screening and streamlines due diligence procedures for CIP and KYC/KYB workflows. Additionally, Global KYC offers a dashboard and a single-pane transaction manager with reporting.
“Financial institutions must balance providing a seamless user experience, while also ensuring compliance and preventing fraud,” stated Philip Paul, CEO of Cotribute.
“Customers who experience delays in opening accounts may give up on the endeavor permanently. However, onboarding delays are frequently the trade-off due to rising fraud and shifting regulations.
“Banks and credit unions can increase customer conversions and enhance the account-opening experience by integrating a dependable global KYC solution with our digital account opening platform. This integration also offers the added advantage of advanced fraud detection and prevention tools.”
Numerous decisioning modules, such as risk screening, identity verification, watchlist screening, and fraud screening, are already available on the Cotribute platform:
- Risk screening is a demand deposit account (DDA) origination service that uses credit scores, external public record data, and external credit bureau qualities among other databases and components to assess behavioural risk.
- Identity Verification is a web-based technology that supports PATRIOT Act compliance while offering reliable business intelligence to assist institutions make informed decisions more quickly, open more authentic accounts, and guard against identity fraud.
- In order to help institutions comply with the PATRIOT Act requirements of the Customer Information Program (CIP) during account origination or other areas such as check cashing operations, check issuance, and other financial services, watchlist screening automates and streamlines screening.
- Fraud Screening: By using data modeling techniques, this service flags possible fraudulent activities and alerts the organization to conduct additional research. In order to generate a score, important score drivers, flags, and messages, this module automatically scans data in search of anomalous behavior linked to identities, criminal dynamics, historical mobility patterns, prior fraud activity, and other indicators. These assist organizations in monitoring and controlling potentially fraudulent new accounts and account modifications.
In order to reduce fraud, institutions can now make use of the sophisticated verification and detection tools, customizable rules and workflows, and automated, real-time decisioning modules. In addition to offering a straightforward, quicker onboarding procedure intended to draw in new consumer and corporate accounts and strengthen current client connections, banks and credit unions may now identify and stop fraud.