Who is ONBORD for
The system was built to be sector agnostic and has a number of different features that may be more suited to particular industries but the basic premise is that the system can operate to the highest standard of KYC/CDD in the legal and finance space.
Start-ups
ONBORD will accelerate your go to market timeframe. The system works instantly and provides the kind of onboarding experience it would take months to build. It also saves you costs as there is no upfront cost and it is a pay per use model which scales with your business.
Legal Practices
Many of our clients are legal practices who use our system to streamline their CDD and EDD processes and create a better experience for their clients with fewer false positives and better risk assessments. The ONBORD system reduces the manual intervention required and replaces various systems and data sources that may be in place.
Financial Services
We come from the finance industry and know it intimately - from payments and FX through to wealth management. We understand what is required both from an AML perspective and a GDPR one. We can tailor our forms to capture any dimensions that may affect your product offering or risk appetite.
Businesses providing Trade Credit
The system provides bank level credit decisioning and anti-fraud protections to any business that offers trade credit. This an underserved market where processes are very manual and techology can really make a difference to risk outcomes. Credit departments love the clarity and simplicity of our holistic risk dashboards.
CASE STUDIES
Wealth Manager
A wealth manager/advisor is approached a Libyan national, who is seeking assistance to apply for a visa to the UK. He declares a net worth of £10 million which he suggests he received through a property sale. The wealth manager inputs the name, email address and mobile phone of the individual into the system and presses send. The system now sends a message to the Libyan in Libya to start the process. It doesn't ask him to download an app, it simply sends a link. He commences by taking a scan of his passport and photo of himself on his phone. This immediately clears him on sanctions, adverse media and other regulatory checks. However, he is still categorised as high risk because of his nationality and residence. EDD is automatically triggered and the following forms are then automatically sent: Net worth form to be completed Bank statement will be collected to show current balance. Source of funds questionnaire which requires a supporting document. Since the document is in Arabic a notarised translation is requested and an email is sent to the notary.
Solicitor
A solicitor is approached by a Swiss company, who wishes to instruct them on some UK litigation. The fee-earner inputs the trading name and legal name of the business into the system together with the email address of their contact and presses send. The system now extracts data from the Swiss company register directly and runs checks on the business instantly. It then sends a message to the primary contact in Switzerland to start the process. It has determined the directors of the business and requests an email address for an authorising director and any beneficial owners. These people are then contacted by the system to upload their IDs. As they do this, the system runs deeper checks on these individuals looking for any regulatory warnings or adverse media around the world.
Factoring Company
A factoring company uses ONBORD to check both the clients it is lending to and its debtors. This is a space with a very high incidence of fraud and fresh-air invoices. The system can literally check thousands of debtors and look for fraud indicators. Before deploying the ONBORD system, most invoices, particularly lower value ones, were financed without review, so the firm was exposed to any bad actor uploading a fictitious invoice with little risk of it being spotted until it became overdue.
Accountant
An accountant was looking at various ways to improve profitability through automation. They chose to use ONBORD because data was validated upfront and automatically sent via Zapier to their internal systems. It also ensured they complied with their regulatory AML duties which they didn't want to waste time unless absolutely necessary. Automation is a fact of accountants’ and bookkeepers’ lives, and has been well embraced. However, many don't get things right up front and waste time through errors and reinputting the initial client data. It was only after implementing ONBORD that the accountant realised the full extent of the benefits of the system.
Venture Capital Fund
A venture capital firm that specialises in crypto receives investment from all over the world. It was essential to be able to check companies and individuals around the world and check for adverse media flags and to determine the source of funds. It also runs checks on any new employees through the system as it is a low cost and efficient method of doing employee diligence. As is the case with most venture capital firms, it didn't have a lot of staff available to cover off this kind of diligence and automating it to a high standard was a significant upgrade on previous ad hoc manual efforts.