Lerex Technology is an E-money as a Service solution provider that enables businesses to offer next-generation payment systems to their customers. The platform’s services include prepaid cards, digital accounts solutions, and access to payment rails such as Faster Payments and SEPA. Lerex prides itself on leveraging cutting-edge technologies, an easy-to-use API for efficient connectivity and integration, as well as delivering world-class customer service, allowing business payments and consumer challenger banks to come to market quickly and easily.
Lerex offers a range of business-based programmes, such as Business Banking and Corporate Cards, as well as consumer-based programmes, such as travel cards and personal general-purpose cards. The first step in initiating any of these items is the customer onboarding process and Lerex, as with many businesses, is required to meet regulatory requirements such as AML and KYC compliance. However, it was important to Lerex that the process remained as seamless and friction-free as possible for their customers.
KYC, PEPs & Sanctions ChecksFor all onboarded parties, business- or consumer-based, it was necessary to complete KYC, PEPS, and Sanction checks. For business-based programmes Lerex had additional requirements such as reporting needs and compliance checks on the Business UBOs, Directors and, the card holders.
Customer OnboardingWhile ensuring they were meeting all compliance requirements, Lerex wanted to make sure that the onboarding process remained simple and convenient for its customers—kicking off new business relationships on a positive note and keeping drop-off rates at a minimum.
Integration with existing Business ProcessesLerex had existing back-office processes and software tools in place that they did not want to adjust or replace. They needed a solution that would plug-and-play with these systems without causing operational disruption.
Lerex implemented ID-Pal’s award-winning Identity Verification solution across varying types of business-based and customer-based programmes to deliver seamless customer onboarding, robust compliance, and drive operational efficiencies