Cotribute, an embeddable fintech platform helping credit unions grow deposits, loans and memberships, has received the Access Provider Certification of Global Know Your Customer (GKYC) from FIS, the financial services technology leader.
The certification from FIS was awarded following the successful integration of the FIS GKYC module with the Cotribute digital loan application and account opening platform to provide community banks and credit unions with a modern, frictionless experience that expedites onboarding while controlling fraud.
The GKYC solution provides a real-time decisioning solution for identity verification and fraud detection designed to reduce friction during the customer onboarding process, while mitigating risks and ensuring compliance with regulatory requirements.
The modular decisioning solution is now seamlessly integrated with Cotribute’s digital account onboarding platform, providing community financial institutions robust rules for orchestrating and sequencing across many decisioning tools. This provides financial institutions with a more comprehensive view of each account holder’s identity profile while enabling a faster, frictionless onboarding experience.
The service simplifies due diligence processes for CIP and KYC/KYB workflows, and streamlines compliance with rules orchestration across IDV, Document ID, Fraud and Watchlist Screening. Global KYC also provides a single-pane transaction manager with reporting and a dashboard.
Philip Paul, CEO of Cotribute, said: “Financial institutions must balance providing a seamless user experience, while also ensuring compliance and preventing fraud.
“When customers encounter account opening delays, they may abandon the effort forever. Yet with escalating fraud and changing requirements, the tradeoff is often onboarding slowdowns.
“Integrating a proven Global KYC solution with our digital account opening platform will help banks and credit unions boost customer conversions and improve the account-opening experience with faster, frictionless customer onboarding, with the added benefit of advanced fraud detection and prevention tools.”
Mitigating fraud
Cotribute’s platform now includes a wide range of decisioning modules, including risk screening, identity verification, watchlist screening and fraud screening:
- Risk Screening: a demand deposit account (DDA) origination service comprising several components and databases including external public record data, external credit bureau attributes, and credit scores to determine behavioural risk.
- Identity Verification: a web-based solution that provides trusted business intelligence to help institutions make educated decisions faster, open more legitimate accounts and protect against identity fraud while supporting compliance with the PATRIOT Act.
- Watchlist Screening: automates and simplifies screening to help institutions satisfy the PATRIOT Act requirements of the Customer Information Program (CIP) during account origination or other areas such as check cashing transactions, check issuance and other financial services.
- Fraud Screening: leveraging data modelling methods, this service indicates suspected fraudulent activity, prompting the institution to investigate further. This module automatically examines data seeking out-of-pattern behaviour related to identities, crime dynamics, history mobility patterns, previous fraud activity and other indicators to create a score, key score drivers, flags and messages. These help institutions review and manage suspected fraudulent new accounts and account changes.
Institutions can now leverage the automated, real-time decisioning modules, customisable rules and workflows, as well as the advanced verification and detection tools to mitigate fraud. Banks and credit unions are now able to detect and prevent fraud while providing a simple, faster onboarding process designed to attract new consumer and business accounts and expand existing customer relationships.
