Banking services fintech Cape has tapped fraud-prevention specialists FrankieOne for a strategic partnership expected to benefit SME customers nationally.
The partnership will improve Cape’s onboarding processes for mandatory Know Your Customer (KYC) and anti-money laundering (AML) checks, making it easier for small businesses to open an account with the challenger banking service.
Cape says it selected FrankieOne, founded by serial entrepreneur and 2021 Melbourne Young Entrepreneur Awards finalist Simon Costello, due to the company’s “excellent digital customer experience, including the ability to orchestrate full KYC checks without needing face-to-face interaction”.
“Cape, as a fintech providing a banking service in the form of a digital-first challenger corporate card, must fulfil regulatory requirements through KYC checks,” the challenger bank said in a release.
“This includes identifying people that have been explicitly banned from participating in the financial system, ensuring Cape products are not used to circumvent sanctions lists, as well as preventing fraudulent accounts from being created, and stopping criminals from using the fintech to launder money.”
To date, more than 350 AML/KYC data sources from across the globe are connected into FrankieOne’s unified API (application programming interface), providing access to fraud-prevention and identity-verification services from over 46 countries and a single-customer view on their intelligent dashboard.
Cape says the inclusion of biometric technology will allow it to set itself apart from other digital banks by creating a secure environment for onboarding without hampering the user experience.
“Now more than ever, SMEs need technology partners that understand their business and can provide them with flexible support with a digital-first offering. Cape is putting Australian SMEs at the center of everything they do,” says Costello, who previously founded mobile ordering company bopple.com, financial comparison business hyphengroup.io, and data intelligence platform streetbees.com.
“Service providers should not compromise on user experience or security, and we are delighted to be working with Cape to help them achieve these two goals while they build a state-of-the-art financial platform.
“By partnering with Cape at this important time for the market, we’re committed to showing that regulatory compliance and building a great customer experience can go hand in hand.”
Cape founder and CEO Ryan Edwards-Pritchard said he was delighted to be entering a partnership with FrankieOne to provide a seamless account opening process for the digital bank’s early adopters.
“Cape is working to transform the SME banking market, using the latest technology to offer quick, smart and integrated services to small businesses,” Edwards-Pritchard said.
“Traditionally, it can take weeks to open a business account, with some banks still holding face to face meetings to verify customers. Cape prides itself on allowing business owners to open an account in minutes, and is continually working to improve the onboarding experience.
“The partnership with FrankieOne allows Cape to speed up the deployment of key capability in the remote customer relationship model through a simple and efficient experience for the identification and acquisition of new products.”
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