Current processes for client onboarding of financial services institutions involve collecting documents and face-to-face checking or individually engaging with reference agencies to verify customer identity against independent data sources. Consumers must always repeat these same steps when they contract a new service. Over time, their personal information can be held by several organizations, so consumers do not really know who holds the data, threatening their security and privacy. By addressing these rising demand for technologies and services to handle international and national requirements for legal compliance within large organizations NewBanking introduced Identity tool. Using the NewBanking Identity, redundant identity compliance checks are eliminated, improving the consumers’ experience and they know who holds access to their data.
Innovating for Simplification
NewBanking is the next banking generation of identity management and verification, KYC data, AML screening and payment transaction monitoring. It brings an innovation in the heart of financial services. NewBanking idendity is a KYC tool that enables users to create an online verified ID based on their email, phone number and government-issued IDs (gov-ID, e.g. passports and national ID cards). In the onboarding process at the bank/insurance provider’s website (for example), the end-users are introduced to the NewBanking Identity online platform, where all process runs easily and the required data to onboard client (end-user) is collected and automatically verified.
Advanced Solutions Enhancing the Banking Process
NewBanking addresses the rising demand for technology and services to handle international and national requirements for legal compliance within large organizations. The main focus is on Anti-Money Laundering (AML), Know Your Customer (KYC), payment transactions and data privacy.
AML: Its KYC and data management processes support the Anti-Money Laundering activities enforced internally by freeing resources. It supports a global AML notification system – allowing anonymous warning cross clients.
KYC: Instead of letting customers to send documentation back and forth for verification as part of KYC procedure, NewBanking provide grant access to the authority for the needed and verified documentation in the Seamless and simple way.
Data Privacy: Users manage their digital identity and associated data, such as name, phone, and passport. Users grant access to their identity data, for example; as part of a KYC process, and they may later choose to withdraw such access, enabling their Right to be Forgotten.
Payments: Connecting payment transactions with identity management enforces better reconciliation and control. Team NewBanking call it verified money, and it will make clients AML monitoring state of the art.
Motive Force behind NewBanking
Christian Visti Larsen is the CEO of the NewBanking. He has 15 years of experience in the banking and payment sector. Christian has held management positions with Danske Bank, KPMG and was one of the first to obtain an e-money license from the Danish FSA. Prior to NewBanking, he was CFO and head of strategy for the biggest European blockchain payment gateway.
“Everything we do arises from the regulatory evolution. Legal frameworks are implemented to value fair business environments, maintain financial stability, prevent illegal activities and safeguard consumers. We contribute to the development of technology and infrastructure that support and maintain a healthy economy reflecting those values. Every time we introduce a new technology or product, we make sure that we enhance the level of compliance”, asserts Christin.
Benefits for Clients
Team NewBanking acknowledges the complexity within large organizations. Even small changes can affect multiple processes and systems. That is why off-the-shelf products are not always the best solution. They recommend larger clients to follow their 3-step process of Exclusive Workshop, Pre-Project, and Implementation. This way it is possible to take the first small steps without large obligations or financial commitments and move forward at the desired pace.
NewBanking clients benefit from new technology to enhance their internal procedures on customer authentication, private data protection and payment transaction monitoring. Obtain a fully documented process secured with strong encryption.
Security: Security is a top priority for team NewBanking in everything they do, and they never compromise on it. They follow best practices on security, and only use proven security measures. They do regular penetration tests to keep their systems hardened.
Usability: Team NewBanking believes the best user experience is with a UI that is fast, intuitive and has the right set of features. They work hard to keep things as simple and easy to use as possible, yet still secure and safe to use.
Availability: NewBanking builds for high availability and reliability. Its system uptime is 99.99+%, and it supports automatic failover and zero downtime deployments, is protected against DDOS attacks, and more.
Scalability: The system is built from the ground up to scale horizontally to millions of users. Server capacity is automatically sized (and resized) to match current demand and load.
Responsive: All NewBanking UIs and APIs are tuned for high performance and to reply fast to any request. Further, its UIs are tailored to work on any web device: desktop, mobile or tablet.
Flexibility: NewBanking system is highly extensible and flexible and can be visually configured to match individual customer needs – and easily reconfigured to match changing customer needs.
Achievements and Memberships
NewBanking is the official Member of the EU–commission PSMEG (Payment system Market Expert Group) as part of the Blockchain and virtual currency working group. It was named Global Emerging star Fintech 100 by KPMG in 2016
NewBanking will continue to serve the financial sector with its unique and innovative approach. Client satisfaction will remain the main motto of NewBanking that will also help NewBanking to grow.