When taking a practical approach to deploying automated KYC workflows using open APIs into financial institutions, they need to support both technical and operation members.
Operational teams are focused on workflow efficiencies and the bottom line. KYC APIs allow the compliance officers to be more productive while decreasing headcount. Officers are able to monitor rather than process, needing a light touch on most onboarding workflows. Better reporting, record-keeping and the near complete reduction of manual paper work can reduce compliance failure. Decoupling the rise in deal flow with the increase of headcount allow financial institutions to scale more efficiently while mitigating compliance failure.
We at Crowd Valley support both technical and operation teams migrate legacy systems into an open API environment. Technical teams can leverage our Bank grade Cloud Back Office connected to global KYC providers to efficiently launch compliance workflows into their core systems. Operational teams leverage our global reach where we have helped more than 130 institutions navigate the use of open APIs and industry best practise. If you are looking to capitalise on KYC efficiencies within the Fintech space and would like to discuss this further, please do not hesitate to get in touch with us.
Pete has worked within FinTech since 2013 across a broad range of security applications serving multiple verticals. He has scaled Google Venture backed startups in the AdTech space before joining Crowd Valley. Originally from Canada with a education background in Mechanical Engineering and Marketing. Pete has helped to open up new global markets in the digital investing and lending space. When not firmly rooted in the London FinTech scene he enjoys travelling, always mixing business with pleasure. He has spoken to over 1000 digital investing entrepreneurs, which makes him a valuable resource for trends in new security models.