We’re excited to announce our latest partnership with FrankieOne, the regulatory enabler technology specialising in KYC and fraud prevention. The partnership will create a more seamless onboarding process for mandatory Know Your Customer (KYC) and anti-money laundering (AML) checks, in making it easier for Australia’s 2.3 million SMEs to open a Cape account.
As a fintech providing a banking service in the form of a digital-first challenger corporate card, Cape must fulfill regulatory requirements through KYC checks. This includes identifying people that have been explicitly banned from participating in the financial system, ensuring Cape products are not used to circumvent sanctions lists, as well as preventing fraudulent accounts from being created, and stopping criminals from using the fintech to launder money.
As a digital-first provider, Cape opted for FrankieOne due to their excellent digital customer experience, including the ability to orchestrate full KYC checks without needing face-to-face interactions.
Once a customer is onboarded, transaction monitoring forms part of an ongoing process that both prevents money laundering and protects our customers from theft and fraud.
Over 350 AML/KYC data sources from across the globe are connected into FrankieOne’s unified API, providing access to fraud-prevention and identity-verification services from over 46 countries and a single-customer view on their intelligent dashboard.
The inclusion of biometric technology will allow Cape to set itself apart from other digital banks by creating a secure environment for onboarding without hampering the user experience.
The key results of the partnership so far are:
- Users are verified under 5 minutes using image capture to assist customers through the identity verification process;
- Cape went from ‘concept’ to ‘market ready’, baking FrankingOne into their onboarding process within just 6 weeks.
Simon Costello, Co-Founder & CEO, FrankieOne, commented:
Now more than ever, SMEs need technology partners that understand their business and can provide them with flexible support with a digital-first offering. Cape is putting Australian SMEs at the center of everything they do.
Service providers should not compromise on user experience or security, and we are delighted to be working with Cape to help them achieve these two goals while they build a state-of-the-art financial platform.
By partnering with Cape at this important time for the market, we’re committed to showing that regulatory compliance and building a great customer experience can go hand in hand.
Ryan Edwards-Pritchard, Founder & CEO, Cape, commented:
We are delighted to be entering a partnership with FrankieOne to provide a seamless account opening process and offer a great User Experience to our early adopters.
Cape is working to transform the SME banking market, using the latest technology to offer quick, smart and integrated services to small businesses. Traditionally, it can take weeks to open a business account, with some banks still holding face to face meetings to verify customers. Cape prides itself on allowing business owners to open an account in minutes, and is continually working to improve the onboarding experience.
The partnership with FrankieOne allows Cape to speed up the deployment of key capability in the remote customer relationship model through a simple and efficient experience for the identification and acquisition of new products.”
About FrankieOne
FrankieOne is a leading identity verification and fraud-prevention platform, bringing together ID verification, KYC, KYB, AML, fraud and credit tools into a single unified platform for banks and fintechs. The platform connects over 350 world class vendors and data-sources to provide a ‘single point of truth’ and enable data led decisioning saving billions in IT costs and improving customer experiences. Since launching in 2019, FrankieOne has acquired approximately 100 financial services customers, including the likes of Westpac, Afterpay and Zipmex. The team has offices in Melbourne, Sydney and Seattle, and is backed by high-profile industry figures including AirTree Ventures, Greycroft, 20VC, Tidal Ventures, MantisVC, APEX Capital Partners and ReInventure.
