Automated KYC Onboarding Solution for FinTech

The brief

Boxopay is a company that provides FinTech services and deals with substantial user datasets daily. They required an automated KYC onboarding solution to streamline identification, screening, and user onboarding across multiple systems.

Challenge

The primary business challenge was to develop a user-friendly tool that simplifies and speeds up the complex registration process, including identity verification and document submission.

The technical part of the challenge involved creating a flexible and universal module that allows integration with external services of various types.

Solution

We developed an end-to-end, headless solution consisting of two panels:

• An admin panel (admin back-office) that enables configuring both internal application processing rules and third-party services with further application management.
• A user panel that enables passing the stages of identification, screening, and entering additional data for successful registration across multiple systems simultaneously.

Software architecture model

Key features

We created a monolithic application with multistage queues governed by predefined rules for user identification, screening, and onboarding processes. Our solution seamlessly integrates with external services and allows for vast configurations.

User panel features:

• Registration through external links
• Application management
• Document management
• Notification management
• Communication with administrators
• Identification process completion
• Screening process completion

Admin panel features:

• Administrator management
• Application management
• Application form management
• Connector management
• Application profile management
• Product profile management
• Screening profile management
• Communication with users

Results

We have developed a new product for automated KYC onboarding that:

• Takes up to 5 minutes to complete the identification
• Minimizes screening time by up to 8 minutes
• Allows to pass the onboarding process in just 2 minutes

The project is currently in the sales stage and continues to serve our client’s needs as intended.