Digital onboarding platform empowering financial institutions to streamline SME banking services.

Solution Overview

Our team developed a comprehensive digital onboarding platform that revolutionizes how credit unions and banks process new business accounts. The solution combines advanced risk assessment capabilities, streamlined transaction processing, and robust compliance protocols into two powerful interconnected subsystems: a client-facing platform and an administrative backend. This integrated approach creates a seamless financial ecosystem that accelerates account opening while maintaining strict security standards.

Client Subsystem 

The intuitive, user-friendly interface enables businesses to complete their banking onboarding journey digitally through:

 Account Initiation & Security

• Secure authorization system

• Multi-factor authentication

• Business profile creation

• Real-time status monitoring

• Initial risk assessment

Document Management & Verification

Business document upload system

• Automated document validation

• Smart document classification

• Version control and tracking

• Secure storage protocols

Comprehensive Verification Process

• Advanced KYC/KYB protocols

• Risk evaluation system

• Identity verification engine

• Additional information collection

• Digital signature capabilities (Form 41, Signature card)

Multi-User Management & Individual Verification

• Invitation system for additional parties

• Role-specific participant management:

• Beneficial owners

• Responsible individuals

Authorized signers

• Dedicated KYC workflows for each participant type:

• Custom verification flow for beneficial owners

• Specialized KYC process for responsible individuals

Tailored verification for authorized signers

• Individual document collection and verification

• Personalized risk assessment per participant

• Independent status tracking for each verification flow

• Parallel processing capabilities

• Automated notification system per participant

Banking Services Setup

• Account type selection and configuration

• Funding information processing

• Additional product offerings

• Authorized signer management

• Document signing workflow

Advanced Integration Features

• Plaid bank account connection

• Plaid Signal check integration (coming soon)

• Plaid Identity verification (coming soon)

• Real-time verification status monitoring

• Automated risk scoring

Admin Subsystem

The powerful backend system empowers financial institutions with:

Security & Access Control

• Microsoft SSO integration

• Role-based permissions system

• Comprehensive user profile management

• Secure communication channels

• Activity audit logging

Application Management

Dynamic application assignment/reassignment

Dual-view interface:

In-progress application monitoring with intervention capabilities

Submitted application review with document verification

• Investigation tools

• Manual application creation

• Application resumption capabilities

• Status management (approve/decline/escalate)

• Application cancellation functionality

• Individual verification workflow monitoring

• Multi-participant status tracking

Verification Controls

• Verification override capabilities for individual participants

• Evidence management per verification flow

• Attachment handling

• Secure email integration

• Note-taking functionality

• Individual KYC status monitoring

Operational Tools

• Bank account number issuance

• Card management system

• Application export functionality

• History tracking and export

• Advanced filtering and search

• Custom reporting capabilities (coming soon)

• Multi-participant verification reporting

Process Automation

• Comprehensive notification system

• Workflow management

• Document processing

• Status tracking

• Audit logging

• Automated participant verification orchestration

Case Management

• Create applications for specific cases

• Resume interrupted applications

• Create applications on behalf of individuals

• Evidence collection and management

• Secure document storage

• Case history tracking

The platform’s modular architecture allows for easy scaling and feature expansion, with planned enhancements including advanced Plaid Signal integration and expanded reporting capabilities.

following aspects:

• User details
• Client status
• KYC (Know Your Client) status
• Reasons for KYC rejection

Project Challenges

Throughout this complex fintech project, our team successfully navigated several significant challenges:

 Multi-Stakeholder Communication

Challenge:

The project involved multiple stakeholders across different organizations, creating a complex communication environment that could potentially lead to misunderstandings and delays.

Solution:

• Implemented a structured communication framework

• Established clear reporting hierarchies

• Created detailed documentation protocols

• Set up regular sync meetings with all key stakeholders

• Utilized visual prototyping for clearer requirement discussions

 Technical Integration Complexity

Challenge:

The solution needed seamless integration with existing banking infrastructure while managing complex KYC/KYB provider integrations that went beyond standard verification processes.

Solution:

• Developed a flexible API-first architecture

• Created advanced KYC/KYB results processing system

• Built comprehensive verification reporting

• Implemented visual representation of verification data

• Designed intuitive verification result interpretation system

• Established robust testing protocols

 Time and Resource Optimization

Challenge:

Operating under strict deadlines and budget constraints while delivering a comprehensive solution without clearly defined initial requirements.

Solution:

• Implemented Agile methodology with two-week sprints

• Prioritized features based on business value

• Utilized creative resource optimization techniques

• Maintained transparent progress tracking

• Balanced functionality, timeline, and budget through detailed requirement refinement

 Regulatory Compliance & Age-Specific Verification

Challenge:

Meeting complex financial regulations while handling unique scenarios, such as business owners under 18 and even under 13 years old, which required special consideration in the automated system.

Solution:

• Integrated automated compliance checks

• Developed age-specific verification protocols

• Created special data handling procedures for minors

• Implemented adaptive KYC workflows

• Built configurable compliance rules engine

• Ensured compliance with youth privacy regulations

• Established secure parent/guardian verification system

 Banking Infrastructure Integration

Challenge:

High dependency on existing client infrastructure requiring extensive coordination and architectural alignment.

Solution:

• Developed flexible integration architecture

• Created detailed technical documentation

• Implemented staged deployment approach

• Established secure data exchange protocols

• Built scalable connection interfaces

Change Management

Challenge:

Transitioning from manual to automated processes while ensuring user adoption and proper interpretation of verification results.

Solution:

• Created comprehensive training materials

• Developed educational components for credit union staff

• Provided detailed system documentation

• Offered ongoing support services

• Implemented gradual feature rollout

Third-party integrations

Our solution incorporates several sophisticated third-party integrations that enhance the platform’s capabilities while ensuring regulatory compliance and operational efficiency:

 Advanced KYC/KYB Integration

Core Features:

• Custom-built verification result processing

• Detailed compliance check reporting

• Multi-level verification status tracking

• Comprehensive risk assessment analytics

• Automated decision support system

Technical Implementation:

• RESTful API integration

• Real-time data synchronization

• Secure data transmission protocols

• Custom result interpretation engine

• Configurable verification workflows

 Identity Verification System

Core Features:

• Multi-factor authentication

• Age-specific verification protocols

• Document validation and verification

• Biometric data processing

• Real-time identity confirmation

Technical Implementation:

• Microservices architecture

• Encrypted data handling

• Scalable verification pipeline

• Compliance rule engine

• Automated fraud detection

 Access Management System

Core Features:

• Role-based access control

• Multi-user account management

• Hierarchical permission structure

• User activity monitoring

• Secure invitation system

Technical Implementation:

• OAuth 2.0 integration

• JWT token management

• Real-time permission updates

• Audit trail logging

• Secure user provisioning

 Communication Gateway

Core Features:

• Multi-channel notification system

• Status update automation

• Event-driven communications

• Template-based messaging

• Response tracking system

Technical Implementation:

• Message queue integration

• Email/SMS gateway

• Push notification services

• Webhook implementations

• Analytics tracking

Results & future plans

The successful implementation of our digital onboarding platform has marked a historic transformation for America First Credit Union (AFCU), completely revolutionizing their business account opening process:

 Key Achievements

Digital Transformation Milestone

• Complete transition from AFCU’s legacy paperbased system to a fully digital onboarding platform

• Elimination of manual documentation processing

• Transformation of traditional inbranch procedures into streamlined digital workflows

• Modernization of AFCU’s core business account services

Production Launch Success

• Seamless transition from paperbased to digital onboarding

• Zerodowntime deployment

• Successful integration with AFCU’s existing banking infrastructure

• Rapid user adoption across all stakeholder groups

Operational Excellence

•  90% reduction in AFCU’s KYC processing time

•  From days to minutes/seconds for standard verifications

•    Automated compliance checks

•    Realtime verification status updates

•  Streamlined multiuser onboarding

•  Enhanced accuracy in documentation processing

•  Reduced manual intervention requirements

• Scalability & Performance

•  Elastic infrastructure supporting AFCU’s growing transaction volumes

•  Concurrent processing of multiple applications

•  Enhanced data processing capabilities

•  Robust security protocols at scale

•  Realtime monitoring and analytics

 Future Development Roadmap

Phase 1: Enhanced Lending Capabilities

• Automated loan processing system

•  AIpowered credit assessment

•  Digital document verification

•  Integrated risk scoring

•  Automated approval workflows

Phase 2: Digital Payment Evolution

•  Digital wallet integration

•  Realtime payment processing

•  Multicurrency support

•  Enhanced security features

•  Transaction monitoring system

Phase 3: Omnichannel Banking Experience

•  Mobile banking application

•  Advanced web banking portal

•  Crossplatform synchronization

•  Biometric authentication

• Push notification system