First and foremost, Blanco develops a banking platform for asset managers. But other financial institutions, such as large banks or other fintech companies, are also starting to show interest in our KYC suite. And for a reason: KYC (the mandatory procedure for establishing a customer’s identity and creating a customer profile) is a troublesome and time-consuming procedure for all. At Blanco we’ve developed a KYC Suite, which completes the entire KYC process for simple products in a few minutes, and for more complex products in about 60 minutes. Obviously, that’s also highly interesting for companies like Franx: that’s why they’re announcing their cooperation with us today. Read the press release here.
Franx is a subsidiary of ABN Amro, which offers small and medium-sized enterprises a digital platform for currency transactions and international payments. For them too, onboarding and the KYC process is a necessary evil and a notorious ‘withdrawal moment’ for potential customers. What particularly appealed to Franx in Blanco’s KYC suite was the fact that our software is completely web-based: instead of software that has to be fully integrated into the existing business processes and software architecture, the Blanco KYC Suite can be implemented very simply ‘separately’: new Franx customers who have to go through the KYC process can easily do it themselves online. At the back, all customer data is exported and delivered to Franx on a silver platter, for processing in their own systems. Easy does it.
At Blanco, we are constantly working to improve our banking platform. The cooperation with Franx made a valuable contribution to this: together we have developed a number of new features, which are now also available to all other users of our KYC Suite. At the request of Franx, for example, we integrated ‘Mitek’, an Identity Technology provider, because Franx’ parent company ABN Amro works with it. This turns out to be a major improvement: our previous identity technology could only ‘read’ information from ID documents. Mitek does that too, but also immediately verifies the customer’s identity. That’s even safer.
Franx’ target group is small and medium-sized enterprises, so the data from the Chamber of Commerce is essential. At Franx’s request, we implemented a more advanced API (a data link) of the Chamber of Commerce in our KYC Suite, which gives us much more information about a company. In addition to the KvK number, RSIN number, company name and address, we now also load the business activities and the company form. This allows all our users to perform a much better risk classification.
And together with Franx we have implemented something smart with regard to the Chamber of Commerce data; users can adjust the automatically read-in Chamber of Commerce data themselves. For example, if the company has moved, users can easily change the automatically loaded address themselves. In this way, we prevent a non-address from becoming a ‘sales killer’ for our users. Franx, however, also insisted that the KvK data should remain ‘clean’ — from a compliance point of view, they wanted to prevent data from an external source from being changed just like that. That’s why we decided together to send a notification in addition to the setting that allows for adjustments if the automated dataset does not correspond to the modified dataset: that’s the best of both worlds.
At Blanco, we believe that in the end it’s not so much about our technology, but about people: technology doesn’t add anything if it doesn’t make people’s lives easier, better or more enjoyable. Thanks to our collaboration with Franx, Blanco has provided us with insights that have enabled us to further improve our KYC Suite, both technically and in terms of ease of use. All our users are now reaping the benefits of this! See here what our KYC Suite has to offer.