Horizon8 has launched a digital identity mobile application, valid8Me, to enable customer onboarding and Know Your Customer (KYC) document sourcing for regulated companies. This covers firms in accountancy, legal, funds, asset management, banking, insurance and real estate.
The firm points out that average customer onboarding times can often exceed one month, with document sourcing for identity verification typically accounting for more than 50 percent of that journey.
In a statement, Horizon8 claims that valid8Me makes the onboarding experience “as simple as connecting with someone on LinkedIn…reducing the pain, costs and time” to source as well as maintain KYC documentation for all parties involved in the process.
Speaking at the launch, Patrick Horgan, managing director of Cork-based Horizon8 Europe, said valid8Me “has had a fantastic reaction from the market in being able to overcome the historical challenges widely experienced in complying with KYC and AML regulations for all stakeholders.
“The valid8Me approach has never been more relevant than now, where the need for digital and remote customer onboarding is critical in today’s environment.”
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Horizon8 says retail customers can store, share, trace and manage their KYC information from one secure digital vault app on their phone. It adds that by giving customers the power to protect, release and revoke access to their KYC data, valid8Me acts as a universal identity key.
For other businesses valid8Me can “capture the complexities associated with corporate ownership structures.” The company says valid8Me provides full transparency and traceability on who is accessing corporate information and that of authorised representatives and directors, enabling businesses to only have to maintain one instance of their KYC documents.
Additionally, it says onboarding companies who need to comply with AML regulations, can access KYC documents quicker, use document forensics controls to better help identify fraudulent customers, while “enabling a frictionless onboarding and due diligence experience for all their good customers.”
“The platform meets the end-to-end customer onboarding needs using our risk rating, risk assessment and workflow functionality, while allowing for seamless integration with existing systems (e.g., CRMs) and trusted external data providers,” said the firm. “Facilitating customers to freely share KYC documents for all their business relationships ensures that the ongoing overhead of refreshing customer documentation is significantly reduced.”
Early adopters of the platform include Grant Thornton, Mazars, Glandore, ReganWall, BKK, James Byrne & Co and BlackBee Investments.
