B2B Payments

Ezbob Adds KYC Automation To Lending-as-a-Service Offering

Ezbob Adds KYC To Lending-as-a-Service

Lending-as-a-service company ezbob is rolling out a new solution designed to enable banks to more easily onboard clients and manage their Know Your Customer (KYC) due diligence.

A press release issued on Monday (Aug. 12) said ezbob's lending platform now includes a module that allows financial institutions to automate the customer onboarding process. The platform connects banks to the company's Smart Onboarding Engine to streamline KYC, anti-money laundering (AML) and other compliance checks when onboarding new clients.

The solution also includes a range of APIs that connect to third-party data sources. Those APIs allow for the automatic aggregation and analysis of corporate bank accounts, online accounting platforms, payment service providers and eCommerce portals, among other sources of data.

The new onboarding features expand ezbob's offering, which until now has targeted straight-through-processing (STP) small business lending processes for banks. The company did not clarify in its press release whether the new compliance checks and onboarding service are geared toward enabling banks to address the needs of their larger corporate customers.

"When it comes to KYC, banks have made large investments, growing their compliance teams in order to deal with the new stringent regulatory requirements," said ezbob CEO Tomer Guriel in a statement. "Clearing a customer now requires more back and forth with the client, and at the end of the day, it is the customer journey that suffers.

"With ezbob's solution, once the customer clicks submit, that's where our system instantly starts making API calls to databases, such as LexisNexis, in order to verify the customer," Guriel continued. "By cross-checking multiple data sources through our own KYC risk engine, we're able to deliver a true 'pass/fail' along with whatever additional information may be required."

Last year, ezbob announced a partnership with American Express in which Amex refers its U.K. small business customers to ezbob's financing services.

——————————

LIVE PYMNTS TV OCTOBER SERIES: POWERING THE DIGITAL SHIFT – B2B PAYMENTS 2021 

Banks, corporates and even regulators now recognize the imperative to modernize — not just digitize —the infrastructures and workflows that move money and data between businesses domestically and cross-border.

Together with Visa, PYMNTS invites you to a month-long series of livestreamed programs on these issues as they reshape B2B payments. Masters of modernization share insights and answer questions during a mix of intimate fireside chats and vibrant virtual roundtables.

TRENDING RIGHT NOW