compliance Cotribute Receives FIS Certification for GKYC Compliance
- Peter Johnson
- Dec 4, 2023
- 2 min read
FIS, a prominent technology supplier in the financial services sector, has given Access Provider status to Cotribute, an embeddable fintech platform designed to help credit unions raise their deposits, loans, and memberships, in accordance with Global Know Your Customer (GKYC) regulation.
After successfully integrating the FIS GKYC module and Cotribute digital loan application and account opening platform, community banks and credit unions were presented with the FIS certification in order to provide them with a modern and efficient onboarding experience that reduces fraud.
To reduce risk and ensure adherence to regulations, the GKYC solution provides an instantaneous decisioning approach for identity confirmation and fraud prevention. This solution is designed to simplify customer onboarding.
Financial institutions that are part of the community can now take advantage of the robust guidelines for sequencing and coordinating their various decision-making tools due to the smooth integration of Cotribute’s digital account onboarding platform with the modular decisioning solution. This facilitates the onboarding process and gives financial institutions a deeper understanding of their account holders' identity profiles.
This service helps you meet regulations quickly and efficiently through IDV (Identity Verification), Document ID, Fraud, and Watchlist Screening. It also makes CIP (Customer Identification Program) and KYC/KYB (Know Your Customer/Know Your Business) processes easier by providing a dashboard and single-pane transaction manager with reports.
"Philip Paul, CEO of Cotribute, noted that financial institutions must take a delicate approach when striving to both craft a smooth user experience and guarantee adherence to the regulations and thwart fraud,"”
Customers who run into delays when trying to open an account may become discouraged and call off the attempt for good. Nonetheless, slow onboarding is often an accepted consequence of increased fraud and regulations that are constantly changing.
By implementing a reliable global KYC solution that is compatible with our digital account-opening platform, banks and credit unions can increase customer conversion rates and boost the account-opening experience. Additionally, this integration will give them access to sophisticated fraud detection and prevention mechanisms.
The Cotribute platform offers a broad range of decisioning modules, including risk assessment, identification authentication, watchlist inspection, and anti-fraud analysis.
To simplify the prevention of fraud, institutions can take advantage of cutting-edge verification and detection tools, adjustable regulations and processes, and automated, real-time decisioning modules. Beyond creating a straightforward, faster onboarding procedure to attract new consumer and corporate accounts and improve customer relationships, banks and credit unions have the capability to detect and prevent fraudulent activity.
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