Franx’s collaboration with Blanco will enhance its customer experience by providing a seamless and efficient onboarding process.
Franx is a subsidiary of ABN that helps SMEs and entrepreneurs doing business globally conduct international transactions (secure FX conversions and international payments) efficiently through a single multi-currency account. Onboarding is an essential part of the customer experience, since regulations require financial service providers to know exactly who their customers are.
According to Franx, applying for a currency account through traditional platforms usually takes several weeks. But by outsourcing the management of their know-your-customer (KYC) process to Blanco, Franx can now dramatically decrease that timeframe and accept customers within two days instead.
Blanco will check Franx customers using numerous tools in its system to expedite the acceptance process and minimize manual checks. These tools include: check via a selfie, automatic identity document checks, automatically loading a company’s Chamber of Commerce data and signing contracts digitally. In this manner, Blanco’s technology helps financial services transform the time-consuming traditional onboarding and KYC processes into a low-cost and efficient digital process, allowing them to onboard customers quickly and seamlessly.
Thus far, Blanco’s technology and services have mainly been geared towards wealth- and asset managers. By working with ABN (Franx), Blanco has taken first steps to exemplify how its technology can empower and provide solutions to larger financial organizations.
Read the full FD article here (in Dutch).