Refinitiv Debuts Digital Onboarding Tool

Financial markets data and infrastructure provider Refinitiv has introduced a digital solution that helps businesses onboard customers remotely in a way that is secure, personalized and frictionless.

The new global onboarding solution provides digital identity, document and account verification, together with biometric and know-your-customer (KYC) screening, Refinitiv said in a press release emailed to PYMNTS.

The solution features a fully configurable user interface that lets businesses provide a branded product application process, and no-code/low-code requirements that allow businesses to deploy it within six weeks, according to the press release.

“Refinitiv’s digital onboarding solution, built on a modern, extensible platform, delivers a fully configurable product that has a modern, positive end-client experience at the heart of its design, while at the same time meeting the most exacting compliance demands made of businesses today,” Refinitiv Head of Client & Digital Onboarding Solutions Gareth Walker said in the release.

“It also accelerates remote onboarding for activities such as account openings, while maximizing sales conversion rates and supporting top-line revenue growth,” Walker said.

The customer onboarding solution comes pre-integrated within Refinitiv’s risk intelligence service, World-Check, its digital identity solution, Qual-ID, and its suite of bank account verification tools provided by GIACT, a Refinitiv company, according to the press release.

It also features a “plug-and-play” mode that lets businesses add on supplemental application programming interface (API) services, and an “orchestration engine” that allows them to combine data services from Refinitiv and other service providers, the release stated.

A recent study commissioned by GIACT found that with the meteoric growth of point-of-sale (POS) credit has come a wave of criminal activity in which bad actors create false accounts and make off with merchandise.

Prevention starts with onboarding, James Mirfin, who was at the time the global head of digital identity and fraud solutions at Refinitiv, told PYMNTS in an interview posted in June.

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“Specifically, when we talk about application fraud, it’s really about protecting that upfront signup and making sure that you are using the best data to establish that this is actually the customer you think it is that’s creating an account with you,” Mirfin said.