BCP Asset Management is working with RegTech startup Id-Pal to launch a new digital client onboarding solution.
The firm said the initiative, which is part of its broader digitisation strategy, will enable Financial Advisors to verify their clients’ proof of identity and address in a matter of seconds. The solution will provide not only a better customer experience but also a more robust compliance process.
“Following the implementation of extensive regulation over the last number of years, Investment firms, Financial Advisors and their clients have been spending a significant amount time carrying out the customer onboarding process, which at times is frustratingly slow and reducing client activity,” said Colman Phelan, intermediary director at BCP Asset Management.
“With the assistance of ID-Pal, BCP’s onboarding process is very quick and user-friendly, and has significantly reduced the time input from all parties involved.”
Headquartered in Dublin, Ireland, ID-Pal provides a digital KYC solution which enables businesses to verify the identity of clients. Through its mobile app and web portal businesses can capture, verify and store customer ID information in just a few simple steps.
It works by business sending the customer a link to the ID-Pal app, the customer uses the app to capture ID information in less than 3 minutes, with the customer securely uploads their ID documents to the ID-Pal web portal.
The business uses the portal to verify the customer’s submission and a client due diligence report is stored securely in the cloud.
ID-Pal CEO James O’Toole said: “BCP is one of Ireland’s largest providers of investment solutions for the financial advisory market, with an extensive network of nearly 1,000 intermediaries and advisors across the entire country. We are very excited to be launching our broker model with BCP as we prepare for a wider rollout across the EU and US.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
