About KYC Manager
Even though every customer’s onboarding journey is different and financial services regulations need to be complied with, common friction points need to be removed in order to enable financial industry professionals and institutions and their staff to focus on their core activities.
It is with this in mind that Finologee embarked on a mission to optimise KYC/AML processes, journeys and customer life-cycles. A seamless and truly cross-channel customer experience is a a game-changer for financial industry players, not to mention that it has the potential to save the company significant costs and become a key competitive advantage.
With the aim of switching from manual, cumbersome and costly KYC processes to digital, frictionless and customisable procedures, Finologee launched its first digital KYC component with the digital onboarding process in 2019. Unlike other solutions, it does not entail system-side requirements on the customer’s end; instead the system enables a rapid, digital and, above all, uncomplicated account opening process. Finologee’s outsourced KYC onboarding process does not only provide clients with state-of-the-art technology and user experience, but is also leveraging an extensive knowledge in compliance while ensuring that the infrastructure and processes are fully Luxembourg regulation-compliant.
In November 2019, Keytrade Bank Luxembourg became the first bank in Luxembourg to launch a fully digitalised onboarding process, allowing customers to open an account in just 10 minutes, powered by Finologee’s KYC platform.
“Finologee helped us rethink and redesign the entire client onboarding journey in pursuance of delivering an elevated client experience across our product offerings and network.”
Fabien Vrignon, CEO of Keytrade Bank Luxembourg
Increasing regulation
More reporting/requirements
The need to simplify onboarding is only the first step in addressing greater KYC requirements, AML regulations and more. With rapidly evolving regulation, particularly around PSD2, AML, MiFID II and IDD, more and more information and data is required from financial institutions and even more administrative tasks and reporting are needed to comply with these new – and strict – regulations.
Using both this implementation in Luxembourg and Harmoney’s substantial track record with its KYC management software as a springboard, the two companies launched the KYC Manager platform in 2020 as a joint venture, aiming at accelerating the digital transformation of the sector. Next to digital onboarding processes of both natural persons and legal structures, KYC Manager enables clients to also run remediation or PEP/sanction list campaigns, benefit from a lifetime view of each client and manage risk scorings.
This helps financial institutions to become more agile and substantially reduce processing-time and costs, while maximizing their operational efficiency across the board.
“It will dramatically transform end-to-end client journeys and lifecycles, for client onboarding, remediation and other KYC processes and lead to enhanced experiences for all stakeholders.”
Raoul Mulheims, CEO of Finologee (statement from the product launch)
The modular platform enables banks, insurance companies and other institutions subject to anti-money laundering obligations to optimise the management of their KYC-related processes, files and data sets. By connecting systems, data and the three stakeholders of every KYC procedure (the end-customer, the front-office and the compliance department) on the same platform, the platform helps firms to become truly customer and employee-centric.
Regulated entities affected by overcomplex, redundant & manual KYC procedures.
Front Office staff spending time on low-value administrative tasks.
Multiple unconnected data management tools requiring manual editing.
Low oversight capabilties resulting in delays, mistakes & risks.
KYC file management by hand.
KYC Manager is a joint venture between Finologee and Harmoney. Finologee is a Luxembourg-based Fintech company, and Harmoney is a Belgian KYC specialist. Finologee and Harmoney created KYC Manager to empower Luxembourg’s financial institutions to transform the way they manage the KYC of their clients.
Harmoney was established in 2018 and works with many high-profile customers in Belgium. The company operates a ready-to-use and pre-integrated solution built on secure software to ease KYC file lifecycle management. Finologee hosts and operates the product as a “Support PFS” (a financial industry IT supplier licence granted by the Minister of Finance) on its ISO/IEC 27001:2013-certified infrastructure.
“We believe that this partnership is the right answer to current digitisation and optimisation challenges, providing a compliant access to Harmoney’s ready-to-use KYC solutions that are neatly integrated with our APIs and KYC components.”
Raoul Mulheims, CEO of Finologee (statement from the product launch)
Do you want to know what we could build together or get a product demo?
Get in touch and we will evaluate how we may help you.