TrustQuay has announced today the launch of the first fully automated and integrated onboarding solution specifically designed and developed for the corporate services and trust administration market that includes built-in ID verification.
As part of a major new upgrade to TrustQuay Portal, first launched in November 2020, this new onboarding solution will allow corporate services and trust providers to deliver their clients a fast, simple and fully automated onboarding experience, with a full audit trail to help firms meet their KYC and AML obligations quickly and efficiently.
Developed in partnership with GBG, the new onboarding solution uses an ID scan to check the validity of identification against a database of real documents. A selfie is then used to match the applicant to the identity document, running both a biometric validation against the ID and a liveness check to ensure the applicant is in fact the real owner. Proof of address documents are then scanned, with the underlying system verifying address using APIs to access credit reference agencies and other databases.
Additional features have also been added as part of the TrustQuay Portal upgrade. Communication between corporate services and trust administrators with their clients has been enhanced with the introduction of full two-way messaging and document sharing. In addition, a fully flexible and customisable data collection function has been introduced, which is then fully automated into their TrustQuay NavOne or TrustQuay 5Series system.
Commenting on the launch of the new onboarding solution, Keith Hale, Executive Chairman of TrustQuay, said:
“With most industries already having an intuitive two-way digital interactive user experience with clients, the trust and corporate services sector now needs to catch up with other parts of the financial services market, but quickly with reasonable levels of investment.
“This new version of the TrustQuay Portal enables service providers to offer an end-client digital onboarding experience, without the need for long complex integration projects of generic third-party tools, since it plugs straight into our core products. Leveraging the best in class digital onboarding capabilities of GBG, this is another significant step forward in automating and digitalising the industry.”
Simon is Global Head of Product and Marketing at TrustQuay