On January 2, 2025, FinTech Automation (FTA) introduced its EZForm Digital Account Opening (DAO) solution, a groundbreaking tool aimed at simplifying the account opening process for banks and credit unions. This innovative solution streamlines workflows by digitizing and automating processes, ensuring enhanced compliance and providing a smooth, user-friendly experience for financial institutions and their customers.
The EZForm DAO platform incorporates advanced identity decisioning technology that automates up to 100% of application decisions, significantly reducing processing times and administrative workloads. A centralized back-office portal consolidates all application data, offering staff powerful tools to efficiently manage and oversee operations.
One of the key strengths of the EZForm DAO solution is its high level of customization. Financial institutions can easily design workflows that align with their operational needs and customer expectations, all without the need for coding. Institutions can determine the data to collect and sequence the application steps, providing them with the flexibility to maintain control while optimizing cost efficiency.
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Compliance and security are fundamental to the DAO solution. With automated Know-Your-Customer (KYC) and Know-Your-Business (KYB) processes, along with advanced features like facial liveness detection, risk scoring, Social Security Number verification, and e-signature capabilities, the solution ensures that banks and credit unions meet regulatory requirements seamlessly. These tools improve accuracy and security throughout the account opening process, ensuring a transparent, efficient onboarding experience.
David Park, CEO of FinTech Automation, emphasized that compliance and security are central to the DAO solution. He highlighted that with built-in compliance checks against OFAC, FinCEN databases, PEP screening, and Social Security Number verification, the platform offers a high level of regulatory compliance. This comprehensive compliance framework allows financial institutions to confidently open international and cross-border accounts for global customers, simplifying operations without sacrificing security or efficiency.
The EZForm DAO solution combines ease of use, workflow customization, and robust compliance features to tackle the unique challenges faced by banks and credit unions. This innovation further solidifies FTA’s commitment to helping financial institutions stay competitive in the increasingly digital financial landscape.