This new service module automates collection and management of KYC data for financial institutions to streamline TPPP and client underwriting, onboarding and ongoing management
OXNARD, Calif.–(BUSINESS WIRE)–July 26, 2017–
linked2pay, an award-winning banking and payments technology provider, today announced the launch of a white label KYC service for ODFIs to automate payments underwriting, onboarding and management. The new service module enables an ODFI to utilize the leading data services. Those services ‘plug and play’ with dynamic data entry forms to automate the collection and management of required KYC data to manage the underwriting, onboarding and ongoing use of ODFI payment services by both TPPPs and clients.
“The value of data integrated to a live registration, underwriting and onboarding process is a prime example of how solution providers can bring improved efficiency and KYC elements to financial institutions while enhancing the service delivery for their clients and reselling partners,” Bradley Blacker, Director of alliance partners and integration, LexisNexis Risk Solutions.
Regularly scheduled demonstration webinars for this innovative service are offered at: https://eddplatform.com.
“Our approach is unique in that it provides an environment that can be deployed in minutes and goes beyond the basic ODFI/Client connection. In our case we have added the TPPP into the ODFI KYC automation process,” says Robert ‘Jay’ McShirley, CEO of linked2pay.
The service has been in use for the past three years at Avidia Bank of Hudson, MA, as an integrated part of a full bank payments platform. The EDD aspect of the platform is now being offered as a module.
“As we all know, collecting the right data is a challenge and in many cases it can age quickly, which is another weakness of paper-based underwriting and onboarding. We now have the solution to the initial application for service and an easy automated process to update any of our connected data services on the schedule that we set per client on our dashboard control interface,” according to Robert Conery, COO of Avidia Bank.
For the banks (ODFIs) and their partners (TPPPs), the linked2pay white label KYC service greatly reduces the burden by eliminating the duplication of data requests that only serve to frustrate partners and clients during the initial and ongoing KYC process.
linked2pay® provides services to deliver ACH, credit card and check payments automation. The company provides payment processing solutions for banks, channel partners, and their clients. As the originator of Bank Centric Payments, linked2pay provides the payments technology platform to put banks and their resellers at the center of innovation. The Company launched the first On-Demand check processing platform in 2002 and is a multiple industry award winner for banking and payments innovation.
Forward-looking Statements: This press release may contain statements of a forward-looking nature which represent our management’s beliefs and assumptions concerning future events. Forward-looking statements involve risks, uncertainties and assumptions and are based on information currently available to us. Actual results may differ materially from those expressed in the forward-looking statements due to many factors. We undertake no obligation to update any forward-looking statements to reflect events or circumstances that may arise after the date of this release.