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Finaptic selects Acuant for customer onboarding and anti-money laundering compliance

Finaptic will leverage Acuant’s KYC and document verification solutions

"Anti-Money Laundering" text overlaying tech images

Acuant has struck a new deal with banking as a service (BaaS) provider Finaptic.

Finaptic pairs traditional banking with the flexibility of modern technology. Its real-time, event-driven platform offers insights into customers’ spending, earning, and investing behaviors. 

To support its rapid growth, Finaptic will draw upon Acuant’s Know Your Customer (KYC) and document verification solutions that adhere to anti-money laundering (AML) laws and global compliance standards. 

KYC helps businesses verify the digital identities of foreign nationals and high-risk individuals, including politically exposed persons (PEPs). Integrated with Acuant’s proprietary Trusted Identity database, KYC also screens internal, domestic, and international watch lists.

AssureID, Acuant’s document-verification software, offers over 50 forensic tests for authentication. With its real-time document analysis, AssureID expedites the identity-verification process, shortening wait times. When used with Acuant FaceID, AssureID ensures quick and seamless multi-factor authentication.

According to Finaptic, Acuant’s automated compliance solutions will help the firm develop a fast, secure, and robust identity-proofing system for its partners. 

“At Finaptic, our purpose-built platform incorporates cybersecurity, regulatory compliance and data privacy by design, bringing the trust and security which Canadians expect in banking,” explained David Furlong, co-founder and CEO of Finaptic. 

Furlong added “Our modern, flexible platform is designed to deliver the next generation of banking experiences through the client’s preferred distribution point. We are very pleased to announce this partnership with Acuant; leveraging Acuant’s technology allows us to securely onboard clients remotely while seamlessly meeting compliance needs.”

Commenting on their partnership Acuant president and CEO Yossi Zekri said, “We are excited to partner with Finaptic and provide exactly what they are looking for. They value the strength of our platform and that they are able to customize solutions to meet their individual use cases, all while being managed via a single API and a single contract. We look forward to their continued growth and success as their trusted partner.”

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