Digital Client Passport and Client Lifecycle Management
In order to open a bank account, to make an investment or to transfer assets between institutions, customers are required to visit a bank branch to present paper passports and other identity documents which confirm address, employment details etc.
Consumers often regard this as an onerous, time-consuming task; especially as they are required to present the same data to every institution, and in instances to multiple business units in the same firm. As a result, the idea of creating a digital passport has taken hold in the UK in recent years.
Samantha Batey, vp, head of strategy, partnerships and ALliances
NorthRow has the largest UK database containing detailed reports on people, companies and documents, as well as having intelligence sharing agreements with a number of law enforcement agencies. This breadth of data enables NorthRow to provide real-time intelligence via an easily integrated single API. It also helps to address the complexity of onboarding and monitoring customers and creates a dynamic digital passport on any counterparty, encompassing all components of Know Your Customer (KYC) and Anti Money Laundering (AML) data capture.
NorthRow - Dynamic Digital Passport Solution
Bespoke functionality also allows for client preferences around investment (e.g. ethical, green) and solutions to meet regulatory changes and to factor in additional elements of regulation which apply to any individual or company based on nationality or territorial restrictions.