FinTech Automation’s EZForm launches solution for Banks & Credit Unions

By Gloria Mathias

FinTech Automation (FTA) has unveiled its EZForm Digital Account Opening (DAO) solution, an innovative tool designed to streamline and simplify the account opening process for banks and credit unions.

By digitising and automating workflows, the EZForm DAO solution enhances compliance and delivers a seamless, user-friendly experience for banks, credit unions, and their customers.

The platform’s advanced identity decisioning technology automates up to 100% of application decisions, significantly reducing processing times and administrative burdens. Additionally, a centralised back-office portal consolidates all application details, providing staff with powerful tools to manage and oversee operations effortlessly.

One of the standout features of the EZForm DAO solution is its unparalleled customisation. Financial institutions can design workflows tailored to their unique operational requirements and customer expectations without coding. From determining which data to collect to sequencing steps in the application process, this flexibility empowers institutions to maintain control and maximise cost efficiency.

Compliance and security are central to the DAO solution. With fully automated Know-Your-Customer (KYC) and Know-Your-Business (KYB) processes, along with features such as facial liveness detection, risk scoring, Social security number verification, and eSignature capabilities, banks and credit unions can seamlessly meet regulatory requirements. These tools enhance accuracy and security throughout the account opening journey, ensuring a streamlined, transparent, and efficient onboarding experience.

“Compliance and security are at the heart of FinTech Automation’s DAO solution,” said David Park, CEO of FinTech Automation. “With built-in compliance checks against OFAC, FinCEN databases, PEP screening, and the Social Security Number Verification Service, our platform ensures a high level of regulatory compliance. This robust compliance framework enables financial institutions to confidently open international and cross-border accounts for global customers, simplifying operations without compromising security or efficiency.”

The EZForm DAO solution addresses the unique challenges faced by banks and credit unions by combining ease of use, workflow customisation, and robust compliance features. This innovation underscores FTA’s commitment to enabling financial institutions to stay competitive in today’s digital-first financial landscape.