Digital onboarding and identity verification for Asset and Wealth Managers

Building on similar work from previous years for global Fund and Wealth Management firms, the R&D team augmented the built-in security provisions of our platforms by adding Onboarding and User Verification systems to ensure adherence to stringent security requirements.

The improvements are integrated with the platforms for leading financial clients such as Fusion Consulting.  

Due to the absence of off-the-shelf Onboarding and Verification solutions that would satisfy Fund and Wealth Management firms’ security requirements, GrowCreate implemented these solutions from scratch. Our solution combined an internal Onboarding workflow with external KYC/AML verification systems to create a unique secure environment while improving user experience.

The implementation introduces additional layers of security and compliance improvements to the frameworks used, including advancements to security, usability, and user journeys. Ultimately, the product was integrated into client solutions, significantly enhancing their ability to onboard clients while maintaining compliance with UK and European regulations. 

Scientific or Technological Uncertainties

The advancements described above could not be achieved without resolving scientific/technological uncertainties. The main scientific/technological uncertainties that the company sought to overcome during this claim period are summarised below: 

• How to extend the Invessed platform with an automated onboarding process while maintaining the core product intact to ensure upgradability
• How to integrate KYC/AML verification and -Signature providers to link system users with real-life individuals using automated tools and Government-provided documentation
• How to ensure that these Onboarding provisions were deployable on diverse server infrastructure and did not disrupt the user experience 

Eventually, the team could circumvent all their technological challenges to achieve fully tested websites deployed for several clients and organisations.