EUCMS Digital Banking on Boarding Section for Proceedings Collateral Facility

Customer onboarding Through EUCMS in banking is refers to all Collateral Management Services activities involved in introducing a new customer to our products and services. This process ensures regulatory, legal, and credit-related due diligence. It includes know your customer (KYC) checks and procedures such as ID verifications and document collection.

Traditionally, banks used to require new customers to visit a branch to open a new account. But now, when over two thirds expect to be able to onboard new financial services remotely, e.g., using their mobile phones, The Funding for Lending Scheme (FLS) supports digital onboarding in order to attract new customers.
Digital onboarding and secure online access are more than just ways to reduce account takeover attacks and fraud attempts. They improve customer satisfaction and drive digital transformation, a growth factor for FIs.

Here you can find more resources on customer onboarding in banking. 

• 3 reasons why the banking sector requires customer onboarding in Banking – The Fintech Time, 16 August 2021

This solution paper deep dives into our solutions for Banks,

Bank’s fintech, and other FIs for delivering exceptional and secure customer onboarding in banking and access to digital banking services.

You will: 

• Discover the 3 critical steps to secure onboarding and access to digital banking services.

• Understand how to meet growing market demand by moving to the cloud. 

There is more.

In this solution paper, you will see how Gemalto iCloud can secure the entire digital banking customer journey, from new customer onboarding in banking to daily access, and achieve a frictionless customer experience.

 

3 ways to secure customer onboarding and access to digital banking services

• Deliver a streamlined onboarding process 

• Secure daily access to your digital services with strong customer authentication (SCA) and risk based authentication (RBA)

• Mitigate fraud and improve customer experience with risk management

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A streamlined onboarding processes 

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The shift from traditional to digital banking has been underway for many years.

Needless to say, the pandemic has accelerated this trend and changed our habits. Mobile phones have changed our consumption patterns, making it easier for people to open an account in a few minutes or connect to their bank. Mobile is now the preferred banking channel.

The challenge is that users may face inconvenience when they onboard with a complex online experience that does not put the end user in focus.

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The solution?

By combining identity proofing, identity affirmation and identity compliance, Fls can now secure the onboarding process while improving risk assessment over time, reducing fraud levels, and allowing users to onboard in real-time without inconvenience.  

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• Identity proofing: Opening a digital banking account has never been more straightforward and secure. You can deliver a seamless digital customer onboarding in banking experience, avoid abandonment during the enrolment phase and adhere to stringent (KYC) regulations. To provide this, you need identity proofing services such as:

  • Document verification,

  • Face recognition with liveness detection

•  Identity affirmation:  identity affirmation complements the identity proofing process by providing additional evidence for an identity claim and increase the level of confidence. This is done using risk management technologies to analyse the environment and user behaviour to detect suspicious activities. 

• Identity compliance: This feature provides KYC compliance services that cover extended data intelligence for anti-money laundering (AML), anti-corruption, (CFT)combating the financing of terrorism or (CTF) means Counter-terrorist financing, Which refers to a set of standards and regulatory systems intended to prevent terrorist groups from laundering money through the banking system or other financial networks., politically exposed persons (PEP), economic sanctions, third-party data, and commercial risk.

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EUCMS Application Processing For Financial Cash Backed Collateral :

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Clients applying for Collateral through EUCMS, must go through eligibility test. Upon successful eligibility test, Clients Pays Onboarding fees to EUCMS  in order to directly on board them  to Collateral Instrument issuing Bank. In this process clients have to conduct with EUCMS's International Banking Legal Counsel for processing their request. 

The Int' legal counsel will execute the processing and follow up the collateral issuing Bank until accomplishment of the task.

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Clients are advised to Pay only the issuance fees to EUCMS, rest all Bank charges and Lease fees directly payable to the issuing Bank.

 As an issuer EUCMS will hold the issuance fees on our escrow account until issuing Bank completes the KYC documents Verification and onboard the clients for Collateral facilitation.

 Once the Collateral issuing Bank completes the KYC documents Verification and onboarding process. Gives notification of Debit note. After that, we release the payment to the Collateral issuing Bank. Moreover, as an issuer of  the Collateral EUCMS will instruct the confirming Bank to approve the clearance for Encashment of Collateral ( Banking Instrument ).

We would like to inform our clients for their acknowledgement that, due to Cross Border / International Banking Transaction Rules & Regulation EUCMS follows strict guidelines for AML, KYC documents fraudulent and ACA protocol instructed & Governed by International Chamber of Commerce. As we as the rules & regulations of International Organization of Securities Commissions.

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Therefore, it is mandatory for all respective clients to comply for the same.