ID-Pal’s broker model for account opening

Background

ID-Pal’s unique Broker Model solution enables networks of brokers/advisors to onboard customers digitally, in minutes.

The challenge

As part of a broader digitisation strategy, BCP Asset Management was looking for a more effective method of onboarding advisor clients across their entire financial advisor network.

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.

Colman Phelan, Intermediary Director

BCP Asset Management

The solution

The ID-Pal platform was rolled out as BCP’s digital client onboarding solution across their financial advisor network, for AML purposes.

Using the ID-Pal App and Portal gave the company access to the following benefits:

Network of brokers able to onboard customers quickly and easily, by either:
- Efficiently onboarding customers in-person anytime, anywhere using the Business App
- Sending the Customer App to customers so they can complete the onboarding process at their own convenience
Customer identity documentation is captured in minutes using the app
Identity information is securely submitted directly to the BCP head office
In the portal, the submission is thoroughly verified and authenticated using a suite of industry-leading technologies that include:
- Liveness Check: Motion detection and facial gesture recognition prevents identity fraud
- Facial Comparison: 50-point biometric facial match
- Document Verification: Up to 75-point check to ensure against tampering or forgery
- Video Analysis: Additional checks via video analysis of identity documents

BCP head office uses the ID-Pal portal to verify and approve the submission in seconds
A comprehensive Customer Due Diligence report is generated with key customer identity information. This CDD report is securely saved and can be viewed 24/7.

The results

Using ID-Pal enables BCP’s Financial Advisors to verify their clients’ proof of identity and address in a matter of seconds, providing not only a better customer experience but also a more robust compliance process.