Icon Accounting is the leading and fastest growing provider of one-stop-shop accountancy and compliance services for independent professional contractors in Ireland. Contractors benefit from a team of experts that deliver the full suite of offerings, from contractor tax and compliance to administration.
At Icon Accounting, our mission is to provide independent contractors with the most professional and friendly service possible.
THE CHALLENGE: COMPLIANCE & CONVENIENCE
As with all businesses in the Financial Services industry, Icon Accounting was required to comply with numerous regulatory requirements — such as Anti-Money Laundering regulation and KYC. In addition, GDPR (General Data Protection Regulation) introduces further complexity and risk for businesses managing their customers’ personal information.
Icon Accounting had processes in place to ensure they would meet these compliance requirements. However, these processes were typically time-consuming and inconvenient for both the business and the contractor.
- Submissions received via email
- Manual review & verification of documents
- Time-consuming and cumbersome
- Manual upload of documents to portal
- Back-office inefficiencies
- Concern over degree of protection from fraud
- The challenge for Icon Accounting, as with many businesses, was to find a way to meet all regulatory requirements in an affordable manner, whilst delivering a more seamless and convenient experience for contractors.
- The business also needed a solution that would integrate seamlessly with their existing business portal.
- Implementing robust compliance processes and protecting their business from fraud was a key objective for Icon Accounting, however, one of the business’s core values is to continually strive to deliver first-class services to contractors.
- So, with this contractor-centric approach in mind, they set out to implement an identity verification solution that would not only allow them to meet their regulatory requirements but would deliver a simple and convenient experience for their contractors.
ROBUST COMPLIANCE. REMOTE ONBOARDING. EASY INTEGRATION.
Icon Accounting was set up with ID-Pal’s API solution within just a few days. The API integration significantly improved the business’ end-to-end onboarding process by creating a seamless journey from start to finish. Contractors could initiate the onboarding process from the Icon website, complete the journey quickly and easily on their mobile phone, and the business could upload the final CDD report to their bespoke business portal with just the click of a button. With AML, KYC and GDPR compliance built in, the solution made it easy for the business to meet the necessary regulations, whilst multi-layered technical verifications gave the business confidence that it was protected from fraud.
Benefits for the Business
- Robust compliance & fraud protection
- Seamless API integration with business portal
- Back-office efficiencies
- Thorough, easy-access audit trail
Benefits for the Contractors
- Hassle-free experience
- Process completed in less than 60s
- Remote onboarding anytime, anywhere
- Simple and intuitive
Using ID-Pal provided Icon Accounting with confidence that it was protected from fraud, whilst saving staff a significant amount of time that could be spent focusing on their contractors.
ID-Pal is a great solution. It saves us a significant amount of time, and helps us to get contractor verification done digitally, with the confidence that all the technical checks are being performed by the system.
– Cuty Gupta (Operations Manager) & Gerard Kiernan (Managing Director) at Icon Accounting