Keytrade Bank Luxembourg launches on Finologee’s KYC Platform
First automated bank account opening process in Luxembourg
Luxembourg, November 19th 2019 – Finologee, the Luxembourg-based Fintech specialist, and Keytrade Luxembourg announce the launch of the bank’s new digital account opening system powered by Finologee. With this new platform, customers can enjoy a frictionless, prompt and paperless account opening experience, reducing the time it takes to open an account to less than 10 minutes from both desktop computers and mobile devices. It simultaneously gives the bank control over the user experience, complete access to the application data and drastically reduces onboarding expenses and manual processes.
The white-labelled solution has been built from scratch and includes a web-based interface and a backend core API that assembles user’s data and documents on Finologee’s platform and automatically transmits them to Keytrade’s existing customer management system. Once received by Keytrade, the banks’ client validation committee decides on opening the account based on the information provided by the user through the platform.
Depending on their language preferences and risk levels, users are given the choice between two options: a fully automated process with a guided scan and upload of an ID document validated against a picture of their face (“face match”) in real time, and a video chat session conducted by a human operator validating the ID document.
To meet financial service regulation compliance requirements, a major part of Keytrade’s own risk matrix has been implemented. Customer journeys adapt dynamically using a continuous automated risk assessment feature throughout the process that considers the information given by users and other risk factors. If the risk level is low, only essential documents and data are requested – for higher risk levels, however, users need to provide additional documentation, information and evidence. Using the portal’s digital upload feature, clients can then submit relevant documents to complete the onboarding process. Ultimately, users are required to sign electronically, no printing out or manual signing is needed. Using LuxTrust to e-sign is also an option for customers that already own a LuxTrust certificate.
Finologee’s platform handles the process and workflow on behalf of Keytrade Luxembourg. Outsourcing to Finologee by Luxembourg regulated entities is straightforward: Finologee operates under a Support PFS licence supervised by the CSSF. The setup, processes and documentation are optimised for financial services professionals, enabling them to fast-track digitisation projects while maintaining full compliance with Luxembourg regulation.
In pursuance of delivering an elevated client experience across their product offerings and network, Keytrade Luxembourg began by rethinking and then redesigning the entire client onboarding journey with the help of Finologee. The main goal was to bring new capabilities to market as the bank continues to make progress on digitising their core banking competences, end-to-end.
“We aim at providing our client Keytrade Bank a genuine added value. This innovative technology marks a major step on the path to become a bank that acts with efficiency and speed. Unlike existing solutions, Finologee’s KYC process does not entail system-side requirements on the customer’s part, we are enabling rapid, digital and, above all, uncomplicated onboarding for all customers”, said Raoul Mulheims, Finologee’s CEO. “Our goal is thereby raising the bar and creating the basis for establishing a market standard for the KYC process” he explained.
About Keytrade Bank Luxembourg
Keytrade Bank Luxembourg is part of Arkéa Direct Bank inside the Crédit Mutuel Arkéa Group. Arkéa Direct Bank serves more than 740 000 clients in France, Belgium, Switzerland and Luxembourg. The assets under management exceed 22.5 billion euros. Arkéa Direct Bank is a European leader in online banking and investment. Keytrade Bank offers the full range of banking and investment products on its online platform. Keytrade Bank serves more than 200,000 clients in Belgium, Luxembourg and Switzerland. Keytrade Bank is the Belgian market leader in online banking and investment and offers the full range of banking and investment products on its online platform. Keytrade Bank clients can manage their banking and stock market transactions independently, 24 hours a day, 7 days a week, on the device of their choice: desktop, tablet or smartphone. Thanks to its years of experience in digital banking and a continued focus on ease of use of its platform.
Finologee, a Luxembourg-based FinTech and RegTech specialist, offers a versatile and trusted platform that connects financial institutions with market-leading digital solutions, essentially serving as an “App” repository. Its institutional clients can easily source and implement features that have been verified by Finologee, such as ID document validation, video chat, messaging, electronic signatures, access to bank accounts (PSD2) and KYC/Onboarding tools. Finologee offers both its own applications developed in house as well as best-in-class FinTech products. Founded in 2017 by the entrepreneurs behind Digicash, the Luxembourg banks’ mobile payment system, Finologee already serves more than 40 banks and institutional clients. Finologee is regulated by the Commission de Surveillance du Secteur Financier (CSSF) as a Professional of the Financial Sector (“Support PFS”).
Marketing & Communications, Finologee
Tel: (+352) 27 75 08-1