You can get access to our Banking as a Service products without using Verify, but the onboarding process will be a bit slower and there will be some upfront costs. This is because we’ll need to do an enhanced review of your financial crime prevention controls to be sure that your customers and their activities fall within our risk appetite.

When you onboard your customers via Verify, we get direct visibility on the risk profile of each of your customers through our own system. We know that they've been screened and verified against industry-leading data sources in compliance with regulatory requirements and we can be confident that any customers you accept through Verify also fall within our own risk appetite.

But if you choose not to use Verify, we don't have direct visibility on your customers. This means we have to assure ourselves that your own financial crime prevention controls are at least as strong as our own before we can handle your customers’ money. This involves doing an enhanced review of your financial crime risk management framework, which is the process currently used by most incumbent banks. We’ll need to rerun this review on an at least annual basis and you may need to provide us with a data file via API so we can monitor your customers’ activity.

Unfortunately, the necessity of running an enhanced review of your financial crime prevention framework means we won’t be able to get you up and running as fast as we’d like. We will also need to charge an onboarding fee upfront to cover our costs.

If you're interested in Banking as as Service but already have an onboarding solution in place, please drop us a line at [email protected] so we can discuss your requirements in more detail.