Cotribute Optimizes Digital Account Opening, Integrates FIS Global KYC Solution
The advanced digital onboarding platform now features automated identity verification, fraud capture, and screening tools.
ANAHEIM, Calif. — Cotribute, an award-winning embeddable fintech platform helping credit unions grow deposits, loans and memberships, today announced it has received the Access Provider Certification of Global Know Your Customer (GKYC) from FIS (NYSE: FIS), a global leader in financial services technology. The certification follows the successful integration of FIS' GKYC module with Cotribute's digital loan application and account opening platform, providing community banks and credit unions a modern, frictionless experience that expedites onboarding while controlling fraud.
The GKYC solution provides real-time decisioning for identity verification and fraud detection, designed to reduce friction during onboarding while mitigating risk and ensuring regulatory compliance. Now integrated with Cotribute's digital account onboarding platform, it gives community financial institutions robust rules for orchestrating and sequencing across many decisioning tools, providing a more comprehensive view of each account holder's identity profile while enabling a faster, frictionless experience.
The service simplifies due-diligence processes for CIP and KYC/KYB workflows and streamlines compliance with rules orchestration across identity verification, document ID, fraud, and watchlist screening, with a single-pane transaction manager, reporting, and dashboard. Cotribute's platform now includes real-time decisioning modules for Risk Screening, Identity Verification, Watchlist Screening, and Fraud Screening — enabling institutions to detect and prevent fraud while providing a simple, faster onboarding process that attracts new consumer and business accounts and expands existing relationships.
"Financial institutions must balance providing a seamless user experience while also ensuring compliance and preventing fraud. When customers encounter account opening delays, they may abandon the effort forever," said Philip Paul, CEO of Cotribute. "Integrating a proven Global KYC solution with our digital account opening platform will help banks and credit unions boost customer conversions and improve the account-opening experience with faster, frictionless onboarding, with the added benefit of advanced fraud detection and prevention tools."
About Cotribute
Cotribute is an award-winning fintech platform that enables profitable revenue and member growth for credit unions. Its capabilities include embedded digital account opening, loan application, member onboarding, smart cross-selling, FraudGuard+, analytics, and SEG/community engagement programs. Cotribute's clients range from Fortune 500 financial institutions operating across the U.S. to small regional credit unions. It is built on a cloud-based micro-services architecture, is SOC 2 Type 2 certified, and integrates seamlessly with core systems.
Originally distributed via Business Wire, November 29, 2023. View the original release ↗
Fraud and identity, built into the flow
See how Cotribute runs KYC, fraud, and decisioning inside account opening.