The mission of ONBORD is to make its clients better: better at data, better at technology, but most of all, better at dealing with their business customers and potential customers. ONBORD is here to make its users look good and respond quicker. The platform does all of this while ensuring bank levels of KYC and information storage and processing.
The ONBORD platform is designed for specific industry verticals. ONBORD Food and Drink for example, factors in licensed premises data and wholesaler registration. While ONBORD Finance factors in any charges that may already exist on a business when evaluating its credit risk.
Management get real time views on new prospects and customers to ensure that sales are focused on the correct target customers and are on track to hit targets on a daily basis. ONBORD provides management a better picture of their onboarding process and its strengths and weaknesses. The platform provides real-time intelligence on the pipeline of customers and allows better metrics to be put in place to manage sales resources. Most businesses struggle to provide management intelligent business insight from their internal databases. It usually isn't real time and it often takes significant human effort to process.
The platform already collects the data and makes sure it is correct - there is no need to transfer, upload or clean the data
The platform is designed to be extremely flexible in how it presents data and can use plug ins and apis to enhance intelligence
ONBORD combines technology with business experience to build intelligent pictures rather than leave you to do the work. The platform comes configured for the needs of your industry.
Sales can manage their leads, prospects and customers from any device, anywhere. The user interface is simple to use and easy to search. It gives a snapshot of a business with all of the relevant contacts.
ONBORD manages the process from lead identification through to customer management
Each sales person has their own dashboard to input and manage any leads they find.
Once a salesperson believes the lead has a real chance of being converted it is processed to allow credit and management to assess it.
A prospect who fills out an application is processed in real time - checking ownership and ensuring the correct authorising person is signing off. If the credit is weak it may also recommend a personal guarantee from an owner of the business.
Credit control get live access to prospects with a clear credit picture and a recommendation based on publicly available information. When the client fills out an application and provides further information this is presented to credit for approval.
Big Data integrations do a lot of the research work for Credit automatically. This allows Credit to focus on the applications that require Enhanced Due Diligence or further context to come to the right risk decision.
ONBORD saves time and it saves resources leaving operations to focus on higher level tasks. Many businesses fail to factor in the very real cost of data errors and the need to re-input data into different systems and chase incomplete and incorrect applications. Operations overhead is reduced significantly by getting the necessary information complete and correct first time. Operations can easily manage delivery information via their customer view.
Most larger businesses have various systems that don't easily communicate to each other. By inputting data directly into the platform, ONBORD reduces the need for operations to perform the lower level tasks of reinputting and checking data.
By populating forms as much as possible, the platform minimises the risk of human errors and creates a more efficient and user-friendly experience.
As data is input into the system, it is checked against external sources. For example, it is very easy for addresses to be incorrect or incomplete, all addresses are checked against the official postal service database which is constantly updated. By checking data in real time, the system can provide feedback to the user and prevent manual errors.
ONBORD will flag if an authorising person is on any of the following:
Anti-Money Laundering Watchlists
CIA and INTERPOL wanted/watchlists
ONBORD will flag if a director of the business is an identifiable PEP and will flag the nationalities of all directors to highlight any potential links to higher risk countries. It automatically checks against known government officials from around the world using the CIA database and does a search to identify any other potential PEPs.
The 4th AML directive allows companies to employ electronic identity verification or e-KYC to verify customers remotely. This can be done through selfie-based ID verification or video-based ID verification. ONBORD is here to assist financial institutions to this level of Customer Due Diligence. By doing this digitally, you minimise the risk of human error and ensure consistency in customer onboarding.
Tracing who actually owns a company is essential in the current regulatory climate. AMLD 5 elaborates on the need to identify the Ultimate Beneficial Owner (UBO) of a business. The potential penalties for not looking at layers above a particular company and potentially to the side of it are enormous. ONBORD automatically checks directors of all companies in a stack for potential flags and not just the particular legal entity that you are dealing with. To the extent possible, ONBORD identifies the UBO.
The easy route to take is to say no to lots of businesses but that is not commercially viable for most financial providers in the small business space. ONBORD forks to an Enhanced Due Diligence path when potential flags arise.
ONBORD Food & Drink factors in the needs of the food and drink space. It has a database of licensed premises along with regulated wholesalers. It triangulates on a business using VAT and licensing data as well as the core business information provided in any application.
Every business where people eat out of home, including: hotels, restaurants, bars, pubs, clubs, healthcare, education
Every store, from national chain to corner shop, including sole traders.
Every business involved in the supply of food or drink with AWRS check included for alcohol wholesalers.
Businesses and regulators are demanding greater ability to switch providers. It is therefore essential that the onboarding process is speedier and more user-friendly than it has been in the past. Utility providers need to embrace digital onboarding to meet these demands. In general, utilities have focused on the retail consumer and been poor at understanding and catering for small business customers.
The ONBORD platform was built to be capable of being deployed in any European jurisdiction. Our focus is on the UK and Ireland for now but anyone interested in other countries should contact us to discuss our roll out plans.