Security

Cotribute gains KYC certification from FIS

Photo: Adobe Stock

December 12, 2023

Cotribute, a fintech platform provider, received the Access Provider Certification of Global Know Your Customer from FIS, following its integration of FIS' KYC module with its digital loan application and account opening platform, according to a press release.

This module handles identity verification and fraud detection while reducing friction for the onboarding process. With this integration, banks and credit unions can deliver a better experience while following GKYC regulations.

Cotribute's platform provides risk screening, watchlist screening, fraud screening and identity verification which all comply with the Patriot Act.

"Financial institutions must balance providing a seamless user experience, while also ensuring compliance and preventing fraud. When customers encounter account opening delays, they may abandon the effort forever," Philip Paul, CEO of Cotribute, said in the release. "Yet, with escalating fraud and changing requirements, the tradeoff is often onboarding slowdowns. Integrating a proven Global KYC solution with our digital account opening platform will help banks and credit unions boost customer conversions and improve the account-opening experience with faster, frictionless customer onboarding, with the added benefit of advanced fraud detection and prevention tools."