Verify has received a major update in the form of a brand new individual (natural persons) onboarding workflow, featuring a built-in automated risk assessment for individuals.
This new workflow:
Collects key information about the individual including contact information, occupation, employment details, and other risk factors
Runs verification checks on the individual including ID&V
Scores all the data collected to produce a detailed risk assessment and overall risk rating
Why have we done it?
Onboarding is faster and safer than ever. Like our recently released LTD Company onboarding workflow, this workflow features a fully integrated and comprehensive risk assessment. You can now onboard an individual in a matter of minutes, while feeling confident that all key information has been verified and a robust risk assessment has been carried out.
A gateway to our banking products. We’re happy to take deposits from individuals who have been accepted via this workflow without further due diligence. Once onboarded, your customers will be automatically eligible for dedicated safeguarding or client money accounts. (And easy access savings accounts - watch this space!)
A core workflow that can be tailored to your use case. This is our default workflow for onboarding individuals - no further configuration is required. But it can also easily be expanded and modified. If you have an unusual business model or complex compliance needs, we’re happy to work with you to add new checks and scoring factors to meet your requirements.
Automation guided by human expertise. The individual workflow provides an overall risk rating for any new individual you onboard. But it also gives you access to all check results in plain language, so your team can easily see the logic behind the decision and override if necessary.
How will this affect existing integrations?
The new individual onboarding workflow will automatically appear alongside your existing workflows.
We’ve added a number of new claims that cover data points such as employment status, role and source of funds. Check out our documentation for more detail.
The new risk factors will match exactly what we use in our live environment (with simulated results, as we don’t send sandbox data to third party product environments). This makes it easier for you to move from our sandbox environment to a live integration.
If you’re using our sample individual workflow and have hardcoded your integration to look for the old workflow names, you’ll need to adjust your integration to look for the new name - Individual Default.
This workflow is now live in our sandbox. Create an account and then try onboarding a new customer to get started.
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