Griffin has launched the first product from its API-first banking as a service (BaaS) platform which will help regulated fintechs manage financial crime risks and customer onboarding through the use of automated know your customer (KYC) and know your business (KYB) checks.
The BaaS fintech has brought to life Verify, its customer onboarding product set to assist fintechs in onboarding customers at scale while simultaneously meeting regulatory requirements.
“Our mission is to create a technology-driven bank that we believe will blend the power of intuitive software with the security and reliability of an authorised bank,” said Adam Moulson, the company’s acting CEO.
“Smart onboarding is critical for any financial services offering, and Verify is a complete solution to help firms manage financial crime risks, automate manual tasks, and create an end-to-end experience for users.”
The company realised that there was a gap in the market for a product that addresses the unique challenges of regulated fintechs, including how to launch financial products quickly without compromising compliance.
The resulting product provides the flexibility and domain expertise to help fintechs onboard customers quickly while keeping the appropriate guardrails in place.
Verify helps firms manage customer onboarding risks by automating verification checks like verification (including biometrics), politically exposed persons (PEPs), sanctions, adverse media screening and fraud.
Key features include:
- Pre-integration with a wide network of regtech data sources and providers, including Companies House, Equifax, Dow Jones, Seon and Veridas.
- Customisable check workflows and decision logic for automatic accept and decline results
- Audit trails with visibility over every check result and decision justification
- Single API integration with documentation for implementation
- Support from Griffin’s team of compliance experts
Early adopters of the customer onboarding product include the UK-native open banking bulk payments system Comma.
The company uses Verify to customise its onboarding workflow, run KYB checks and to automate approvals. As Ger Kelly, head of banking at Comma explains, doing so has allowed its compliance team to better mitigate financial crime risks as customer adoption grew: “We’re growing fast, and Verify is poised to help us safely and efficiently take on new customers at scale.”
This product launch follows the close of the company’s $15.5million funding round, led by Notion Capital, while it has also submitted its banking licence application to the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
“Fintechs today need banking and technology partners that understand their needs and can help them innovate at speed,” said Stephen Chandler, managing partner at Notion Capital and Griffin board member.
“The launch of Verify, coupled with the company’s other achievements this year, demonstrate that Griffin is well on its way to becoming the bank you can build on.”